Assets under management (AUM) at mutual provider Royal London shrank more than 10% from £164bn at the end of 2021 to £147bn last year.

Bain Capital has outlined plans for its takeover target, the mutual provider LV=, ahead of a key member vote on the controversial deal.

Scottish Friendly CEO Jim Galbraith has died after over 30 years at the mutual.

Global private equity firm Bain Capital, the owner of esure and other financial businesses, is to acquire the savings, retirement and protection business of mutual insurer LV= for £530m.