LMA warns on proposed regulatory system
The Lloyd’s Market Association has argued that the proposed regulatory system for the UK is being created around the banks which will make it over-engineered, unsuitable and unjustifiably costly for the general insurance industry with Lloyd’s brokers potentially facing a triple structure.
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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