Insurance Age

Lloyd's in the FSA net.

    • Insurance Age staff

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The Financial Services Authority is to be given regulatory powers over Lloyd's under the Financial S...

The Financial Services Authority is to be given regulatory powers
over Lloyd's under the Financial Services and Markets Bill - the first
time in Lloyd's 300-year history that it has been regulated in this way.
All managing agents will now have to be authorised as "fit and proper" by
the FSA. Members' agents and individual Names will also have to be
authorised, and the bill also gives the FSA powers to intervene directly
if the agents break its rules.

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