The Financial Services and Markets Bill and the role of Lloyd's

The problems of the Lloyd's insurance market over the past few years have been extensively reported. The market survived nevertheless and has since undergone extensive restructuring to address the problems of the past. This has included a fundamental review of its regulatory framework. The new Financial Services and Markets Bill introduces oversight of Lloyd's by the Financial Services Authority (FSA), thus implementing the key recommendation of Lloyd's own review of its regulatory arrangements, published last year.