Whistleblowing failures prompt regulatory intervention at Lloyd’s
PRA has laid down new rules after the Society of Lloyd’s disclosed that it had not maintained an anonymous whistleblowing channel for 16 months.
The Society of Lloyd’s has agreed to additional whistleblowing requirements as set out by the Prudential Regulation Authority (PRA).
The PRA decided that new measures were required to provide “enhanced monitoring and scrutiny” after Lloyd’s reported failures in its whistleblowing mechanisms.
A statement issued by the Bank of England yesterday (23 December) revealed that Lloyd’s disclosed to the PRA on 15 February 2019 that its whistleblowing hotline had not been operational since 1 October
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