The Regulatory Committee discussed Lloyd’s Delegated Authority Streamlined Compliance initiative, which aims to reduce duplication in due diligence by enabling followers to rely on lead responses. Members raised concerns about reliability, burden on smaller coverholders and implementation for experienced firms. Lloyd’s also presented its Bylaws Website Project to consolidate rules into a single indexed rulebook, with consultation expected in summer.

Updates were shared on the Lloyd’s Conduct Consultation, Blueprint Two Exit Plan and PBO thresholds. The FCA’s 5-Year Strategy was reviewed, with members agreeing to strengthen the LMA’s response, particularly around SME definitions. The LMA introduced a new regulatory dashboard, in collaboration with Luther Pendragon, to improve visibility of upcoming issues, with feedback invited on its RAG status and usability.

The committee also reviewed current consultations, including ransomware and AI in financial services, and noted the PoolRe consultation on terrorism.