Both the FSA and the Society of Lloyd’s have statutory responsibilities in relation to the regulation of insurance business conducted at Lloyd’s. In order to maintain an effective working relationship and to avoid any duplication of responsibilities, both regulatory bodies have entered into a cooperation arrangement.
The arrangement, which has been published on the FSA’s website, agrees the areas which each body will take responsibility for. The arrangement covers the timing and processes for the authorisation of firms, how authorised firms will be supervised by both bodies, and how both bodies will handle enforcement actions against firms and individuals in the Lloyd’s market.
For further information: Cooperation arrangements between the Financial Services Authority and Lloyd’s (PDF 170KB)