MPs slam LV= sale plans
By Sonia Rach 8
th April 2021 3:27 pm
MPs have slammed LV= alleging a lack of openness and transparency around its plans to demutualise.
In February,
Mortgage Strategy sister magazine
Money Marketing reported that MP Gareth Thomas wrote to LV= chief executive Mark Hartigan requesting answers to a list of questions ahead of a hearing into LV=’s takeover by private equity firm Bain Capital.
In a report published today, members of the all-party parliamentary group for mutuals have criticised LV=’s leadership, stating it has not been clear to its members about its intentions for the business.
MPs slam LV= sale plans
By Sonia Rach 7
th April 2021 8:00 pm
MPs have slammed LV= alleging a lack of openness and transparency around its plans to demutualise.
In February, MP Gareth Thomas wrote to LV= chief executive Mark Hartigan requesting answers to a list of questions ahead of a hearing into LV=’s takeover by private equity firm Bain Capital.
In a report published today, members of the all-party parliamentary group for mutuals have criticised LV=’s leadership, stating it has not been clear to its members about its intentions for the business.
Former ministers and senior figures in both Houses of Parliament have argued that the board’s decision to conclude a deal with Bain prior to providing information to its customers shows “a disregard for the interests of members” and “a cavalier attitude towards the member governance of the business”.