Professional Standards Committee

The Professional Standards Committee (PSC) has the primary role of strengthening the work of LMA Members in continuing to raise the bar of  professional standards, with particular emphasis on training and education. It considers professional development issues and helps define standards and benchmarks to reinforce the profile of the Lloyd’s Market as a professional and valued environment in which to work and transact insurance and reinsurance business. 

The PSC engages actively with the Chartered Insurance Institute (CII) and other professional bodies, such as the Institute of Risk Management (IRM), to ensure that training needs of managing agents are met. 

Aims

The PSC’s aims are to:-

• provide added value on behalf of the Lloyd’s Market in the area of professional development, including both technical and management education
• develop and maintain guidelines, in conjunction with the Corporation of Lloyd’s, that will help managing agents to improve competencies that will add commercial benefit to their organisations
• raise the profile of the Lloyd’s Market as a professional environment in which to work and transact business

Activities

The PSC’s main activities are to:-

• consider relevant professional development and competence issues arising out of the needs of LMA Members and help to define standards, benchmarks and qualifications
• work with Lloyd’s, where appropriate, to consider and achieve the objectives of the Franchise Board as defined by its 7th imperative: “To attract, retain and develop the best people throughout the Franchise”
• work actively with the CII, and other bodies, to ensure that training needs are defined and met across the Lloyd’s Market by assessing such needs and by making recommendations to the CII and the other educational organisations
• undertake consultation with, and on behalf of, Members of the LMA to help them to raise professional standards within their firms
• consider relevant training and competence issues arising out of regulation by the Financial Services Authority (FSA)
• consider, approve and oversee projects which arise within the LMA, or under its auspices, including educational and experiential training events sponsored by the LMA’s Training & Education Trust (T&ET)
• approve and oversee the LMA Training Suppliers’ Database

Committee Meetings

The PSC comprises representatives from underwriting, claims, senior management and HR & training specialisms across the LMA Membership and meets every two months.

The Composition of the PSC for 2010 is as follows:-

Please see below for PSC summary minutes/T&ET Funded Events and press articles.

Contact with the Committee should be made through the Committee Secretary:

Terry Hayday - Head of Professional Standards Email: terry.hayday@lmalloyds.com  Tel: 020 7327 8384

The Terms of Reference for the Committee can be accessed below: