The proposed demutualisation of Liverpool Victoria, a British customer-owned business, is controversial due to its potential sale to Bain Capital. The all-party parliamentary group for mutuals concluded that the leadership had not been open and transparent with members about their intentions, potentially damaging financial services diversity in the UK. They questioned whether this was part of a new wave of demutualisations, particularly as it involves converting from a friendly society to a company limited by guarantee, facilitating the process. Concerns include potential misleading practices regarding the conversion's assurance of mutual status and job security for employees post-demutualisation.