Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to reform the Friendly Societies Act 1992 in order that friendly societies are not limited to invest.

The assessment and approval of the proposed sale and demutualisation of Liverpool Victoria is an ongoing and independent process, overseen and scrutinised by the financial services regulators, and subject to approval by the Courts.

Assessing the impact on the market of the demutualisation of LV= is a matter for the Financial Conduct Authority. Their assessment will include, among other things, implications for the mutual and cooperatives sector and the effect on competition. The FCA can engage and refer matters to the Competition and Markets Authority as they consider appropriate.

There are no plans to review current legislation at this time. We are, however, open to views and proposals and continue to engage with interested parties to explore ways of supporting mutuals as a key part of a diverse financial sector