Regulator gets to grips with Lloyd’s

The Society of Lloyd’s is likely to relinquish much of its prudential supervisory oversight of the market and will instead focus on the risk management of the market. The Financial Services Authority’s (FSA) future relationship with the market has been outlined in a new consultation paper (CP178) and is a precursor to further consultation of specific rules for the market later this year. The FSA said it was keen to prepare Lloyd’s, managing agencies, and members’ agents for change and indicate its attitude regarding the future supervision of the market.