Liverpool Victoria

Treasury written question – answered on 21st September 2021.

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Photo of Rachael Maskell Rachael Maskell Shadow Minister (Digital, Culture, Media and Sport)

To ask the Chancellor of the Exchequer, what assessment he has made of the implications of the demutualisation of LV= for the mutual and co-operative sector.

Photo of Rachael Maskell Rachael Maskell Shadow Minister (Digital, Culture, Media and Sport)

To ask the Chancellor of the Exchequer, what steps he is taking to reform the Friendly Societies Act 1992 in order that friendly societies are not limited to invest.

Photo of Rachael Maskell Rachael Maskell Shadow Minister (Digital, Culture, Media and Sport)

To ask the Chancellor of the Exchequer, whether he is engaging with the Competition and Markets Authority to review the proposed demutualisation of LV=.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The assessment and approval of the proposed sale and demutualisation of Liverpool Victoria is an ongoing and independent process, overseen and scrutinised by the financial services regulators, and subject to approval by the Courts.

Assessing the impact on the market of the demutualisation of LV= is a matter for the Financial Conduct Authority. Their assessment will include, among other things, implications for the mutual and cooperatives sector and the effect on competition. The FCA can engage and refer matters to the Competition and Markets Authority as they consider appropriate.

There are no plans to review current legislation at this time. We are, however, open to views and proposals and continue to engage with interested parties to explore ways of supporting mutuals as a key part of a diverse financial sector

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