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Last modified on Wed 7 Apr 2021 23.37 EDT The mutual insurer LV= has disregarded the interests of its members by moving to sell up to a private equity investor without properly consulting them, according to a parliamentary report with cross-party backing. LV=, a life insurer originally known as Liverpool Victoria, was founded in 1843 to allow Liverpoolâs poor to cover burial costs. However, in December it said it would sell itself to Bain Capital in a £530m deal that would see it abandon its status as a mutual owned by its member-customers. MPs and lords on the all-party parliamentary group of mutuals have endorsed findings that LV= and Bain have not been open or transparent about their intentions for the company. ....
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Although Royal London missed out on that deal, it has now bought LV=’s automated advice arm as part of its approach to make guidance and financial advice more accessible and affordable. Wealth Wizards automates key parts of the advice process and offers clients a digital interface, reducing risk and costs. Royal London said the acquisition reinforces its commitment to financial advisers and recognises the growing need for technology-enabled solutions to help improve efficiency in the provision of advice. The life, pensions and investments firm said it will also use Wealth Wizards for its workplace pensions offering through auto-enrolment. Royal London chief executive officer Barry O’Dwyer says he hopes the acquisition will aid the firm in working with advisers to overcome the advice gap in the UK. “We are impressed by the innovative technology offered by Wealth Wizards and are delighted they are joining our business. ....
MPs have launched a formal inquiry into the Liverpool Victoria life assurance group’s plans to demutualise and sell itself to an American private equity group.The All-Party Parliamentary Group (APPG) ....
Travel insurance has become more complex than ever Credit: Getty Alexandra Wakid writes I expect to be vaccinated against Covid-19 by the end of February. As a widow living alone, I have had a very solitary existence for many months and would like to take a holiday once the shackles of Covid restrictions come off. I have not seen my in-laws, who live in Egypt, for over a year and I am keen to make the journey. The fly in the ointment is travel insurance. I have an annual worldwide travel insurance policy as part of my Lloyds Bank account, arranged through Axa Insurance. I approached Axa this week and asked whether pandemic cover would be reinstated once a customer had been vaccinated. It replied that its underwriters were retaining the exclusion. What possible justification can there be for this? ....