The Panel received updates on key workstreams, including progress on Project Spring Clean, where 13 FI clauses were identified for wider review and would be circulated to members. The Cyber Wording Working Group continued to refine an updated draft of LMA5478A, focusing on broker feedback, exclusion clarity, and the balance between Cyber and PI coverage. The group aimed to finalise the wording for use from 1 January 2026, with an accompanying event planned for early 2026.

A legal update on the Economic Crime and Corporate Transparency Act 2023 outlined the expanding scope of corporate liability for fraud, the broad definition of “employees,” and the increasing exposure for FI firms. Members discussed implications for fidelity and PI coverage, as well as the importance of robust preventative procedures.

The Non‑Marine Committee update highlighted plans for a PRA‑led RDS‑style exercise in 2026. Under AOB, members noted developments in PI wording trends, emerging questions around AI and crime policy triggers, and an article on private credit market exposures to be circulated. The next meeting will take place on 8 January 2026.