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.
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.
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.
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.