Legal and Regulatory
The team monitors legal and regulatory developments in the UK and overseas relating to the Lloyd's market. It also looks at issues for those responsible for legal, regulation/compliance and company secretarial functions in LMA member firms and reviews specific matters of concern to Lloyd's managing and members' agents.
In addition, the team runs the Wording Training Scheme (lmalloyds.com)
Role of the team
The role of the LMA Legal and Regulatory team is to:
- bring legal and regulatory developments in the UK and overseas relating to the Lloyd’s market to the attention of our members discussion;
- review specific matters of concern to Lloyd’s managing and members’ agents;
- support other LMA teams and committees in the legal and compliance aspects of their work;
- co-ordinate responses of LMA members to proposals by governments and regulators, where appropriate, and generally to enhance communications between LMA members, Lloyd’s (including Lloyd's insurance Company) and other supervisory and market bodies;
- provide guidance to members on legal and regulatory developments and issues;
- run the LMA Regulatory Committee LMA Legal Committee, and associated sub-committees and forums;
- liaise between LMA members, Lloyd's, the FCA and PRA and other bodies, as required;
- liaise with other market associations in order to facilitate improved cooperation between our respective memberships.