FCA Urged To Take A Tougher Line On Demutualization

By Martin Croucher (November 24, 2021, 5:18 PM GMT) -- Financial watchdogs should take a more "robust" stance over the possibility of harm to customers as a result of demutualization, an industry expert told senior MPs on Wednesday, after the Financial Conduct Authority cleared a controversial proposed takeover of Liverpool Victoria.

Martin Shaw, chief executive of the Association of Financial Mutuals, told MPs on Parliament's influential Treasury Committee that the City watchdog should also consider the benefits of "corporate diversity" on the wider market when a mutual insurance company is taken over by a private equity company. 

The one-off committee hearing comes ahead of an anticipated vote by members of Liverpool...

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