The Working Group noted that consideration of external KYC proposals has paused to allow internal process improvements. Members received an update on Lloyd’s tax operations, discussing emerging tax‑related trends among members and recent engagement with HMRC, including progress on trust registration requirements. Lloyd’s provided a detailed update on enhancements to KYC and onboarding processes, highlighting operational improvements ahead of the 2026 onboarding cycle. A further update covered recent Lloyd’s activity, including charges, reporting issues and asset management matters, with actions agreed to address specific points. The Group also noted forthcoming changes to TPCC membership and use of the new LMA website for future materials.