01 May 2024

The Lloyd’s Market Association launches updated UK Consumer Wordings Guidance


London, 01 May 2024: The Lloyd's Market Association (LMA) has today announced the launch of its latest iteration of the UK Consumer Wordings Guidance. This is a comprehensive resource designed to aid LMA members in effectively and clearly communicating insurance concepts to consumers.

Produced jointly with Browne Jacobson LLP, the updated guidance reflects recent regulatory changes, including the removal of Lloyd's minimum standards and the introduction of the FCA’s Consumer Duty. This update ensures that the guidance remains aligned with the latest legislative requirements and industry standards.

Since 2015, the LMA has provided essential guidance to its members on effectively communicating insurance concepts to consumers. The updated guidance includes new sections on testing communications and digital policy layout, along with comprehensive advice on various aspects of consumer communications, prompted by the introduction of the FCA’s Consumer Duty.

The launch of the UK Consumer Wordings Guidance aligns with broader initiatives aimed at promoting clearer and more customer-centric insurance documentation. The LMA has several related projects in the pipeline for 2024, including an update to the UK Consumer Personal Accident Policy wording ("K form") and production of a new property and business interruption wording for UK small and medium enterprises.

The guidance is published exclusively on the LMA website.

David Powell, Head of Technical Underwriting at the LMA, said: "The LMA is dedicated to fostering a culture of continuous improvement and innovation. 

"We recognise the importance of clear and transparent communication and want to promote better understanding of policy wordings. We are working to equip our members with the tools and resources they need to improve customer engagement and drive positive change."

Tim Johnson, Partner at Browne Jacobson LLP, added: “The implementation of the FCA’s Consumer Duty is the latest step in the journey to ensuring that policy wordings are clear and transparent and – crucially – that customers can find the answers to important questions about their cover.

“It has been a pleasure working with the LMA and other industry stakeholders on the UK Consumer Wordings Guidance, and to share our experience of working with academics and market participants to help insurance customers better understand their products.”

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Notes to Editors

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About the Lloyd’s Market Association (LMA)

The Lloyd's Market Association (LMA) exists at the very heart of Lloyd's, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. All 55 Lloyd's managing agencies, with a total market stamp capacity of approximately £52.6bn in 2024, and all Lloyd's members' agents, are members of the LMA.

We represent our members' interests to organisations including governments, regulators, and the market's central supporting body, the Corporation of Lloyd's. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd's and the other market associations to influence initiatives and outcomes. We operate the market's most comprehensive technical education service, the LMA Academy. For more information visit:

About Browne Jacobson

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