Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent discussions he has had with relevant stakeholders on the proposed demutualisation of Liverpool Victoria; and if he will make a statement.

In my role as Economic Secretary I have been a champion of the mutuals sector. It is clear to me that mutuals bring something different to other forms of running a business, with their clear focus on delivering the services their members need.

However, assessing the impact of the sale of LV= Life and Pensions business to Bain Capital is a matter for the financial services regulators.

The sale will be supervised by both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). As part of their work, the regulators will assess the overall suitability of Bain Capital to manage insurance business, including its financial position and the skills and experience of its workforce.

The proposed transaction also involves steps which require sanction by the Court. The Court processes involve a number of safeguards which are designed to ensure that policyholders are kept informed and their interests protected. These include appointment of an independent expert acting in the interests of policyholders and who will assess the impact on policyholders and report to them.