Liverpool Victoria

Treasury written question – answered on 24th November 2021.

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Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

To ask the Chancellor of the Exchequer, whether representatives of the Financial Conduct Authority and Prudential Regulation Authority have held discussions on the immediate future of the Chairman of Liverpool Victoria; and if he will make a statement.

Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

To ask the Chancellor of the Exchequer, whether the Financial Conduct Authority and Prudential Regulation Authority approved the tender documents issued by Fenchurch Advisory Partners on behalf of the LV Board which invited bids to purchase Liverpool Victoria; and if he will make a statement.

Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

To ask the Chancellor of the Exchequer, how many letters of complaint have (a) his Department, (b) the Financial Conduct Authority and (c) the Prudential Regulation Authority received about the proposed demutualisation of Liverpool Victoria and the sale to Bain Capital; and if he will make a statement.

Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

To ask the Chancellor of the Exchequer, what assessment the FCA and PRA has made of a potential conflict of interest in the retention of FTI Consulting by LV, to promote their plans for demutualisation, in the context of the employment by FTI Consulting of Simon Grout, Managing Director of FTI, who was appointed by LV and approved as their independent expert for the Part V11 transfer.

Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

To ask the Chancellor of the Exchequer, if he will hold discussions with representatives of the Financial Conduct Authority and the Bank of England on requiring Liverpool Victoria and Bain Capital to publish the fees that their advisers in respect of the takeover are set to be paid; and if he will make a statement.

Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

To ask the Chancellor of the Exchequer, if he will write to the law firm Clifford Chance urging them to publish how much they have been paid by Liverpool Victoria to advise them on their proposed demutualisation and sale to Bain Capital.

Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

To ask the Chancellor of the Exchequer, if he will write to FTI Consulting urging them to publish in full how much they have received for providing media and lobbying advice during the proposed demutualisation of Liverpool Victoria; and if he will make a statement.

Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

To ask the Chancellor of the Exchequer, if he will write to Fenchurch Advisory Partners urging them to publish the fees they have or expect to receive from the takeover of Liverpool Victoria by Bain Capital; and if he will make a statement.

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

Regarding letters of complaint received on the proposed demutualisation of Liverpool Victoria and the sale to Bain Capital, HM Treasury has had several representations over the last few months on this issue. The exact number is not readily available information.

While the Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008 require companies to disclose fees payable to the auditor for the audit of their financial statements, there is no requirement to disclose fees payable to advisers. These are properly a matter for the company and its members.

The assessment of the proposed demutualisation and sale of Liverpool Victoria is a matter for the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), who are operationally independent from Government. The remaining questions have therefore been passed to the PRA and FCA who will respond directly to the Honourable Member by letter. Copies of the letters will be placed in the Library of the House.

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