LMA warns on proposed regulatory system

The Lloyd's building

In its official submission to H.M. Treasury's consultation on the future of UK financial regulation, the LMA also argued that the proposed Prudential Regulatory Authority (PRA) and the Consumer Protection and Markets Authority (CPMA) will have overlapping roles which could see managing and members' agents within Lloyd's face triple regulation from the PRA, the CPMA and Lloyd's itself.

David Gittings, chief executive at the LMA, said: "We are fully supportive of the need for an effective

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