The committee discussed recent progress on Lloyd’s Citibank charges, with negotiations leading to greater transparency, though some concerns remain. A notional trend analysis of member charges over five years showed limited movement in total amounts but a gradual increase in individual client charges. Lloyd’s is expected to present the member services budget changes at the next meeting. Updates were shared on restructuring Lloyd’s byelaw materials, aimed at improving accessibility by the end of 2025. The Third Party Capital Working Group also provided updates on onboarding, KYC processes and future focus areas including data reporting and potential performance management refinements.