Lloyd’s to issue final sanctions guidance in early June

Philip Alexander, partner in Littlejohn’s insurance team.

Late last year Lloyd’s announced that it would be carrying out a review of the way in which managing agents address sanctions and financial crime. Over the past six months it has carried out a number of pilot reviews to develop a work plan that can be rolled out across the market. It has also been considering the information it should collect from managing agents to enable it to prioritise those agents which it believes are higher risk. This process has been completed and Lloyd’s will issue its final guidance in relation to the review in early June.