The FCA has confirmed its non-objection to LV taking forward its next steps towards asking its members for their views on de-mutualisation. The FCA has no objections at this stage towards LV proceeding to the Court (with respect to the Scheme of Arrangement) and to putting the proposals (on both the overall Bain transaction and the Scheme of Arrangement) to member votes, subject to LV meeting a small number of additional requirements.
In light of stakeholder interest in LV’s plans to de-mutualise, we have published a letter[1] for interested stakeholders.
The FCA will continue to scrutinise LV’s proposals and activities should the court confirm that the member vote can be convened as planned.