LV=, formerly known as Liverpool Victoria, is one of our country’s oldest and largest financial mutuals. But its mutual status is under threat.
Instead of policyholders continuing to share ownership and profits, its board has taken the decision to demutualise, and plan to sell LV= to a large American private investment firm, Bain Capital.
We are deeply concerned about the effect this sale will have both on the members of LV= and on the market as a whole. Time and time again, we’ve seen that demutualisation rarely benefits members beyond a small initial pay out.
Even more worrying, the sale seems to be going forward without proper scrutiny. The board are attempting to remove the requirement to have a majority of members approve demutualisation, and have banned the media from attending online member meetings about the sale. If demutualising will truly benefit all members, what is there to hide?
That is why the APPG on Mutuals is holding an enquiry into this sale, and why we need your help. Are you a member of LV= and if so, would you like to hear more about the demutualisation and our work in this area?
Promoted by Joe Fortune on behalf of the Co-operative Party, both at Unit 13, 83 Crampton Street, London, SE17 3BQ, United Kingdom.Co-operative Party Limited is a registered Society under the Co-operative and Community Benefit Societies Act 2014. Registered no. 30027R