FSA/PN/067/2000
23/05/2000

The FSA has today published a consultation paper covering its relationship with the Society of Lloyds as regulator of the Lloyds insurance market. The paper will be of particular relevance to those involved with the market.

The consultation paper, The Lloyds Sourcebook, contains guidance to the Society on the conduct of its regulatory functions. It requires Lloyds to have appropriate rules for the market in syndicate capacity, and complaints and compensation arrangements for members of the Society. It also requires Lloyds to provide the FSA with relevant information, especially in the area of investigations and discipline. Other rules in the FSA Handbook of Rules and Guidance relate to Lloyds and are being consulted on separately.

The rules and guidance in the current paper, CP48, are based substantially on the earlier high level consultation (CP16).

Notes for editors

  1. The FSA is the independent body established by Parliament to regulate the financial services industry.

  2. Lloyds is a leading speciality insurer and reinsurer, insuring risks world-wide. It currently regulates itself under the Lloyds Acts 1871-1982. The FSA has primary responsibility for the prudential supervision of Lloyds.

  3. Both CP48 and CP16 are available on the FSAs website under publications. CP16 was issued in November 1998.

Appended information

This CP is available from the publications section of our web site. The direct URL is http://www.fsa.gov.uk/Pages/Library/Policy/CP/2000/48.shtml.

More Press releases: