Member of LV have voted to snub its takeover by Bain Capital. Although 69% of members who voted supported the special resolution to approve the acquisition, the result was below the 75% threshold to proceed.
The vote had a turnout of 174,240 members, representing 15% of LV=’s total 1.16 million
It will be interesting to see what the board does now. Does it leave the business somewhat becalmed. The takeover was certainly not popular in some quarters.
SJP says the proposals for the FCA’s new consumer duty will not affect its charging structure after some commentators suggested the proposals could impact its controversial exit charge structure.
This involves160,000 people. One might ask whether they would be better seeking advice.
The FCA has launched a discussion to examine future compensation arrangements.
It is a very wide-ranging paper, which looks to address root causes in terms of problems in the market. However, perhaps one note of caution is that the language suggests the FCA is not favourable to radical reform in terms of the FSCS itself. It sounds as if there may be plans for advisers to hold more money though it is not specified. Some of the suggestions around further frustrating phoenixing make a lot of sense.
But I suspect advisers are likely to be disappointed – and will perhaps share the view of PIMFA, which has called for greater ambition to be shown by the regulator in terms of reform.
The FCA has launched a Christmas jingle to warn consumers about fraud. Will it get to number one? Elton and Ed probably have little to fear.
