However, the Society of Lloyd's operates a two-tier internal complaints handling procedure, currently set out in the "Code for Underwriting agents: UK Personal Lines Claims and Complaints Handling". Under this procedure, complaints by policyholders against members of the Society are considered by the managing agent and then, if necessary, by the Society of Lloyd's in-house Complaints Department. This procedure (and any procedure that may replace it) will be subject to the requirements in DISP 1.
Members will individually comply with DISP 1 if and only if all complaints by policyholders against members are dealt with under the internal procedure established by the Society of Lloyd's for handling those complaints, provided that this procedure complies with DISP. Accordingly, certain of the obligations under DISP 1, for example the obligation to report on complaints received and the obligation to pay fees under FEES 5 1 4 , must be complied with by the Society on behalf of members. Managing agents will not have to make a separate report to the FSA on complaints reported under DISP 1.7.7 R.14
the management by a managing agent of the underwriting capacity of a syndicate on which the complainant participates or has participated.