The committee welcomed new members and received updates across several Lloyd’s and LMA workstreams. Lloyd’s postponed its presentation on the 2026 budget and reporting simplification to February, citing internal organisational changes. Kathryn Edwards confirmed that all auditor sign-off wording had been issued before Christmas, and a reporting project steering committee will meet on 29 January to review QMA data plans and progress on establishing market-wide data standards. Updates on long-term performance management will follow Lloyd’s broader strategic launch.
The committee then reviewed and refreshed its 2026 priorities. Members highlighted rising acquisition and administrative cost pressures, the need for greater transparency around broker fees, and the opportunity for an LMA-led benchmarking exercise. The group agreed it should play a more active role in influencing the Lloyd’s budget before Council approval and challenge the market impact of the Lloyd’s 1% charge. Other topics included capital-setting processes, the implications of Lloyd’s proposed switch to US-dollar reporting, and the long-term potential of AI and automation.
The Finance Next Gen groups presented updates on talent pathways, acquisition cost transparency, and Faster Claims Payment (FCP). Work is underway to survey the market on recruitment and progression practices, and to explore opportunities to standardise cost-reporting definitions using existing data rather than expanding return requirements. For FCP, adoption across the market remains limited due to reconciliation concerns; early adopters such as Liberty and Brit reported operational benefits, and managing agents were encouraged to share blockers and engage with Vitesse and the FCP working group.
LMA’s CALM, Treasury & Investment, and Tax committees provided further updates. Actuaries are establishing an AI working group. Treasury reported successful Phase 1 delivery of the Lloyd’s Asset Infrastructure Project and planned Phase 2 migrations for 2026. The Tax committee highlighted new Bermuda online filing requirements, HMRC’s Project Snowball systems audits, increased broker demands on withholding tax documentation, UAE corporate tax implementation challenges, and the shift from DPT to new transfer-pricing rules.
No additional business was raised.