LLD 6.2 Insurance market direction on policyholder complaints
- (1)
With effect from commencement, Part XVI of the Act (The Ombudsman Scheme), and in particular section 226 (Compulsory jurisdiction), applies to the carrying on of insurance business by members.
- (2)
For the purposes of (1) 'insurance business' means the regulated activities of effecting or carrying out contracts of insurance written at Lloyd's.
Part XVI (The Ombudsman Scheme) is a core provision mentioned in section 317(1) of the Act (The core provisions).
Section 317(2) of the Act (The core provisions) provides that references in an applied core provision to an authorised person are to be read as references to a person in the class to which the insurance market direction applies. The effect of this, and of the insurance market direction set out at LLD 6.2.1 D, is that Part XVI of the Act (The Ombudsman Scheme), and in particular section 226 (Compulsory jurisdiction), apply also to members.
Guidance on the jurisdiction of the Financial Ombudsman Service in relation to members is given in DISP 2.5.3 G. The handling of a policyholder complaint against a member is covered in DISP 1.7.1 R and DISP 1.7.2 R.