The Conduct Committee discussed ongoing discrepancies in complaints guidance across Lloyd’s jurisdictions, with members asked to provide examples to support clarification efforts. Lloyd’s confirmed that UK guidance applies for FOS escalation, while local procedures govern local dispute resolution. A central summary of the New Zealand Fair Conduct Programme has been published, with further engagement planned on training responsibilities.

The committee reviewed FCA consultation CP24/28 on operational incident and third-party reporting, with a draft response due 07 March. Discussions focused on aligning FCA and PRA language, reducing reporting burdens and clarifying thresholds. Updates were also shared on the FCA’s regulatory reform agenda, including the removal of the Consumer Duty Champion role.

Plans are underway to host a Lloyd’s discussion on complaints processes ahead of a joint meeting with the FCA. The committee also reviewed its committee effectiveness survey, with members encouraged to share live issues and best practices more actively in future meetings.