The Regulatory Committee reviewed recent and upcoming regulatory consultations, including responses to the FCA’s enforcement proposals, the Treasury’s competitiveness strategy and the FCA/FOS redress framework. Members discussed the need for clearer engagement with the FCA and concerns around duplicative training requirements from LIC. Updates were shared on the streamlined DA initiative, the General Documentation clause and the Operational Incident and Third Party Reporting consultation.

International topics included India’s capital requirements, Lloyd’s potential expansion into GIFT City, Mexico and the UAE, and regulatory developments in the US and EU. The committee also discussed Lloyd’s PBO maturity levels, sustainable underwriting expectations and the evolving DA framework. Updates were provided on financial crime guidance, the LegCom SMB opinion letter and the enhanced underwriting project.

Concerns were raised about Blueprint Two progress, data transfer testing and governance triggers. The committee also noted the upcoming COG session and the integration of Lloyd’s tools into the updated Crystal + platform.