The Regulatory Committee reviewed updates on the FCA’s engagement, tax avoidance guidance and the Blueprint Two Exit Plan. Members discussed the FCA’s lack of visibility on LMA consultation responses and concerns around Lloyd’s Governance Indicator Framework. The committee also reviewed current consultations and the LMA Regulatory Radar.

International updates included India’s collateral requirements, wildfire legislation in the US and New Zealand’s Fair Conduct Programme. The committee noted new regulatory developments in Rwanda and Italy and discussed LIC’s 2025 oversight plan and training challenges. Updates were also shared on the Crystal+ tool and the proposal to convert the International Workstream into a forum.

The committee reviewed the Home Office ransomware consultation and discussed implications for insurers. Concerns were raised about stranded assets and licensing under EU sanctions. Conduct and FCA liaison updates were shared, and members were informed of Lloyd’s DA oversight discussions and the upcoming PBO attestation guidance.