The committee received updates on reporting simplification, QMA Delta and ongoing issues with tagging, data quality and audit variability. Members noted challenges with year-end timelines, differing audit firm approaches and the continued burden of fragmented reporting. Questions were raised about rebates, budgeting and the potential for Lloyd’s to centralise tagging audits to reduce workload.

The PRA’s upcoming dynamic general insurance stress test was outlined, along with the evolving requirements for solvent exit planning. Members highlighted the need for clearer communication from Lloyd’s and welcomed LMA support sessions planned for April and May.

Year-end pressures, team workload and inconsistent tagging provider performance remained key concerns. Some firms reported success using internal scripts and AI tools to strengthen tagging reviews, prompting wider discussion about automation, scalability and a potential AI-focused workstream for 2026.

The committee reviewed progress on talent pathways, acquisition cost analysis and the FCP platform, noting plans for a major market survey on talent and finance skills. Members also discussed ongoing issues with Aladdin/Clearwater data flows after a shift towards collecting data directly from investment managers, and efforts to secure a more streamlined solution.

Follow-up actions include providing feedback on the finance talent survey, clarifying solvent exit communications, sharing QMA Delta materials and proposing external speakers for future sessions.