Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will require the Financial Conduct Authority to advise Liverpool Victoria not to use any non-disclosure agreements during negotiations with Royal London; and if he will make a statement.

The Financial Conduct Authority (FCA) is operationally independent from the Government. These questions have therefore been passed to the FCA who will respond directly to the Honourable Member by letter. Copies of the letters will be placed in the Library of the House.

Regarding the costs relating to Liverpool Victoria’s (LV’s) proposed demutualisation and sale to Bain Capital, these will be disclosed as part of LV’s 2021 annual report.

In respect of a potential merger between LV and Royal London, these parties have announced that their talks have ceased, and consequently there is nothing further for the Government to add on this matter.