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Liverpool Victoria

Question for Treasury

UIN 56761, tabled on 15 October 2021

To ask the Chancellor of the Exchequer, who are the two independent experts assigned to the Financial Conduct Authority to assess the potential merits of the proposed the sale of LV (Liverpool Victoria); what assessment he has made of their remit in that assessment; and if he will make a statement.

Answered on

22 October 2021

The Scheme of Arrangement and Member Vote independent expert is Oliver Gillespie from Milliman. The Part VII independent expert is Simon Grout from FTI Consulting. The independent experts are appointed by LV= (and in the case of the Part VII independent experts approved by the PRA, in consultation with the FCA) and their review of the proposed transaction is not only for the regulators but also for the courts and the members and policyholders of LV=. They are required to perform their role in line with regulatory requirements for independent experts.

The approval of the sale of LV= to Bain Capital, including consideration of the independent experts’ reports, is a matter for the members of LV=, as well as the financial services regulators and the courts, both of whom are independent of Government. It is therefore not appropriate for the Government to comment on the substance of an ongoing process.

Answered by