Business secretary Kwasi Kwarteng has rightly called for the owners of LV= to be told the fees that the mutual insurer will pay to advisers on its controversial proposed £530m sale to private equity firm Bain Capital.

One of the advisers, FTI, has a potential conflict of interest according to critics of the deal, who also highlight the role of Fenchurch Advisory Partners, an investment bank headed by Malik Karim, co-treasurer of the Conservative party.