In view of the Society's responsibilities for the Society's regulatory functions, the FSA's monitoring of underwriting agents, and approved persons acting for them or on their behalf, may be less intensive than its monitoring of firms and approved persons outside the Lloyd's market. The purpose of LLD 2.3.1 D is to ensure that the Society informs the FSA when it becomes aware, as a result of carrying out the Society's regulatory functions, of matters likely to be of material concern to the FSA.
Matters likely to be of material concern to the FSA include but are not limited to:
facts suggesting that the interests of consumers are or may be at risk;
facts suggesting that an approved person, or individual acting for or on behalf of an underwriting agent, may not be fit and proper to perform functions in relation to a regulated activity carried on by a firm or exempt person;
facts suggesting that an approved person acting for or on behalf of an underwriting agent may have failed to comply with a Statement of Principle, or may have been concerned in the contravention by an underwriting agent of a requirement imposed on it by or under the Act; and
facts suggesting that a person may have committed a criminal offence that the FSA has power to prosecute under the Act and that came to the Society's notice in the course of its regulated activities or the Society's regulatory functions.