Lloyd’s announces changes to modernise its approach to misconduct

Lloyd’s, the world’s oldest insurance and reinsurance marketplace, is planning to introduce a series of changes to modernise and streamline how it addresses misconduct and problematic behaviours in the market, including both financial and non-financial issues.

The new framework aims to better align with the internal HR and disciplinary processes of firms, enhancing their ability to investigate and address issues involving their own employees independently.

Additionally, it will recognise the trust in the capability of managing agents and syndicates that meet the maturity levels specified in the Culture Principle to resolve issues without requiring intervention from Lloyd’s.

Lloyd’s intends to clarify what constitutes unacceptable conduct and behaviour, including non-financial misconduct, and to define when and how it will intervene in such cases.

The plan includes aligning Lloyd’s Enforcement and Oversight functions to adopt a more integrated approach to case management. Oversight will be central to this approach, with Enforcement support available as needed.

Furthermore, Lloyd’s aims to improve its internal decision-making processes to ensure that decisions are made more promptly and consistently, while still upholding necessary procedural safeguards.

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