Lloyd’s speeds up broker procedures

Lloyd’s has overhauled supervisory checks on registered brokers in a bid to speed up the broker registration process and streamline procedures for dealing with Lloyd’s brokers. Lloyd’s says its new rules will more than halve the amount of time it takes for a broker to be able to begin business in the market, which previously took up to two months. Some of the changes reflect the removal of “unnecessary duplication” between Lloyd’s and the Financial Services Authority.