The Financial Services and Markets Act 2000 - Lloyd’s

Lloyd’s has been self-regulating since its inception. Self-regulation was formalised in the Lloyd’s Act 1982, placing the primary responsibility for regulation in the hands of the Council of Lloyd’s. However, the events of the intervening years led the government to conclude that self-regulation had not been a success and the 2000 Act contains provisions whereby Lloyd’s can be brought into the regulatory process.