PRESS RELEASE
25 March 2025
London market associations unite to launch misconduct training programme following FCA request
London, 25 March 2025: Following the publication of the Financial Conduct Authority (FCA)’s 2024 report on non-financial misconduct (NFM) in the wholesale specialty insurance market, the FCA requested work be undertaken by trade associations to provide their respective memberships with appropriate support and guidance on non-financial misconduct. Given the uniqueness of the market, the Lloyd’s Market Association (LMA), International Underwriting Association (IUA) and London & International Insurance Brokers’ Association (LIIBA) agreed on a collaborative approach as their messages are aligned on this important topic.
As a result, the associations today launched a new joint training programme for the specialty insurance market – the first of its kind and the first ever joint training programme shared across brokers and underwriters. The programme, delivered in association with compliance consultancy firm Padda Consulting, consists of a series of six workshops tailored for members of the LMA, IUA and LIIBA, with an additional session for Independent Non-Executive Directors (INEDs) and Non-Executive Directors (NEDs) of LMA, IUA and LIIBA member firms.
Sheila Cameron, Chief Executive of the LMA, said: “The NFM workshops are designed to equip key stakeholders across the insurance sector with the knowledge, tools and strategies needed to enhance workplace culture, governance and compliance with FCA expectations. Given the importance of multi-functional oversight in managing NFM, these workshops are tailored for professionals responsible for HR, compliance, risk and executive leadership within member firms of the LMA, IUA and LIIBA.”
Chris Croft, Chief Executive of LIIBA, commented: “The session for INEDs, NEDs and board directors will focus on board-level responsibilities, ensuring directors understand their role in challenging management on NFM oversight, reviewing governance frameworks and assessing whistleblower protections. It will provide strategic insights into whistleblowing responsibilities, cultural risk oversight and regulatory accountability under FCA and Lloyd’s governance principles.”
Dave Matcham, Chief Executive of the IUA, added: “The main group of sessions are designed for HR professionals, responsible for overseeing employee conduct policies, workplace culture and grievance handling; and for compliance officers, ensuring that FCA/PRA requirements and whistleblowing regulations are met. Finally, they are also appropriate for risk managers, who must incorporate NFM-related risks into the firm’s wider risk frameworks. All of these sessions have the potential to help drive significant improvements in culture and behaviour across our industry, as the FCA intended.”
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Notes to Editors
Media relations contacts
Omnia Partners:
Victoria Sisson, Director | +44 794 129 4872 | Email: victoria.sisson@weareomniapartners.com
LMA:
Carole Porter, Head of Marketing and Communications | +44 20 3307 3947 | Email: carole.porter@lmalloyds.com
IUA:
Scott Farley, Director of Communications | +44 020 7617 4449 | Email: scott.farley@iua.co.uk
LIIBA:
Adam Holden, Omnia Partners, Associate Director | +44 7917 000028 | Email: adam.holden@weareomniapartners.com
About the Lloyd’s Market Association (LMA)
The Lloyd's Market Association (LMA) exists at the very heart of Lloyd's, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. All 55 Lloyd's managing agencies, with a total market stamp capacity of approximately £56.2bn in 2025, and all Lloyd's members' agents, are members of the LMA.
We represent our members' interests to organisations including governments, regulators, and the market's central supporting body, the Corporation of Lloyd's. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd's and the other market associations to influence initiatives and outcomes. We operate the market's most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com.
About the International Underwriting Association (IUA)
The International Underwriting Association of London (IUA) is the representative body for companies in London providing international and wholesale insurance and reinsurance coverage. Its mission statement is to secure an optimal trading environment for London insurance companies. The IUA’s London Company Market Statistics Report shows that overall premium income for the company market in 2023 was £48.432bn. Gross premium written in London totalled £42.995bn while a further £5.437bn was identified as written in other locations but overseen and managed by London operations. For more information visit: www.iua.co.uk.
About the London & International Insurance Brokers’ Association (LIIBA)
London & International Insurance Brokers’ Association (LIIBA) is the trade association for Lloyd’s insurance brokers active in the complex commercial market centred in London.
LIIBA represents its members interests to governments and regulators around the world. It also provides the voice of the customer in the discussions around common processing in London.
LIIBA members collectively bring $160bn in gross written premium to London each year. The market generates £50bn in contribution to UK GDP – one third of the total of the City of London as a whole.
About Padda Consulting
Padda Consulting is a compliance consultancy dedicated to supporting the insurance industry in achieving and maintaining regulatory compliance. Padda Consulting works with clients of all sizes, including brokers, insurers, Lloyd’s of London syndicates, MGAs and coverholders. With deep industry expertise, Padda Consulting provides tailored solutions to help firms navigate complex regulatory requirements with confidence.