The role of RegCom is to take a lead on behalf of the LMA Board in considering regulatory and compliance issues and any impact which these have on LMA Members, and the market in general. This includes providing advice and feedback to the Board, Member firms and Lloyd's, as appropriate. Members of RegCom are typically senior managers with responsibility for compliance within member firms. Click here for the Committee terms of reference.
RegCom also operates the following work streams:
- the Conduct work stream, which meets monthly with Lloyd's Conduct Assurance and Complaints teams. The Conduct work stream also meets with the FCA Manager, Lloyd's and London market supervision on a quarterly basis
- the Prudential work stream, which meets with the PRA Manager, Lloyd's Team on a quarterly basis
- the International Regulatory work stream, which meets with Lloyd's International Regulatory Affairs team on a monthly basis.
RegCom Key Activities
The main activities are:
- Considering issues arising out of regulation or requirements by the UK financial services regulators (FCA and PRA) and/or overseas regulators and the impact on members
- Seeking active involvement with the UK regulators in the development and implementation of regulatory policy insofar as it affects managing and members’ agents at Lloyd’s
- Providing practitioner feedback to the UK regulators and to any other external bodies, on existing or proposed regulations where appropriate
- Working actively to ensure that regulation of the Lloyd’s market is pragmatic and cost effective
- Working in conjunction with the Lloyd’s Franchisor on any matters that may be associated with regulation and compliance, such as the Lloyd’s Principles, Standards and Guidance framework
- Communicating relevant information to LMA Members through presentations, newsletters, training events etc
- Reviewing activities (relating to members) of Lloyd’s and the UK regulators in order to ensure a minimal level of duplication exists between the two.