FCA under fire over LV sale

The UK's Financial Conduct Authority has faced criticism for its role in overseeing the sale of British mutual insurer LV (formerly Liverpool Victoria) to Bain Capital. In a letter seen by the Daily Mail, the chairman of the All Party Parliamentary Group for Mutuals Gareth Thomas asked the FCA to expose details of the negotiations, including whether LV had been offered more money by mutual insurer Royal London. While Royal London cannot legally confirm if its offer was higher, it has been reported that it offered £540m to Bain's £530m. The move first came under fire earlier this ye...