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Lord Heseltine slams the takeover of mutual insurer LV

Mutual insurer LV came a step closer to falling into private equity hands after it won backing from regulators

Mutual insurer LV came a step closer to falling into private equity hands after it won backing from regulators. 

The Financial Conduct Authority said LV can put the proposed £530m takeover by Bain Capital to a vote by its members. 

That paves the way for LV – set up in 1843 and previously known as Liverpool Victoria – to be demutualised despite concerns over its future in private equity hands. The deal needs 75pc approval by members on a 50pc turnout. 

But, fearing it will not get half to take part, LV will ask those who do to also vote to drop the turnout threshold. Critics have branded the rule change ‘reprehensible’ and urged the Government to step in. 

Former government minister Lord Heseltine said: ‘The Government could intervene but don’t, anything is for sale and that is the problem. No week goes by without the predators enjoying the free-for-all that is the British marketplace.’

Make your voice heard on LV 

We are encouraging LV members, customers, or others, who would like to see it retain its mutual status, rather than be bought out by private equity,  to write to it.

You could use the wording from the letter printed in the Daily Mail newspaper's City pages (pictured here).

We have included the words for you to copy and paste into a letter below. 

Send it to Alan Cook, Chairman of LV=, Liverpool Victoria, County Gates, Bournemouth, BH1 2NF 

Dear Alan Cook,

I, the undersigned, urge you to reconsider your decision to sell LV= to Bain Capital and instead maintain its mustual status.