The Board welcomed Matt Brewis, Director of Insurance at the FCA, for a discussion on the regulator’s five-year strategy, which reflects government priorities to protect consumers, support UK economic growth and reduce financial crime. Key consultations were reviewed, including proposals to improve supervision and simplify consumer duty regulation, such as limiting Fair Value Assessments to new products and removing CPD requirements. The FCA’s consultation on non-financial misconduct was also discussed.

John Mason, CEO of PPL, presented a demonstration of new platform functionality, including integration with Microsoft Outlook and Teams. Features showcased included dashboards, contract validation and document comparison. The beta release has been made available to brokers, with rollout to underwriters scheduled for September 2025.

The Board approved a funding request from the LMA Operations Committee to support the design, build and operation of a broker performance report on aged debt, covering the period 2016 – 2028. This report will be produced by Velonetic from their data.

A progress update was shared on the LMA’s strategic objectives.

In AOB, updates were provided on a potential competition law issue in Germany, insurer appetite for Ukraine reconstruction and the FCA’s non-financial misconduct consultation (response due September 2025). The Board also approved changes to its terms of reference.