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FCA Handbook
LLD
LLD 7
LLD 7.1 Application and purpose

LLD 7.1 Application and purpose

Application

LLD 7.1.1R01/12/2004

This chapter applies to the Society.

LLD 7.1.2R01/12/2004

A contravention of the rules in this chapter does not give rise to a right of action by a private person under section 150 of the Act (Actions for damages) and each of those rules is specified under section 150(2) of the Act as a provision giving rise to no such right of action.

Purpose

LLD 7.1.3G01/12/2004

The rules and guidance in this chapter are intended to promote confidence in the market at Lloyd's, and to protect certain consumers of services provided by the Society in carrying on, or in connection with or for the purposes of, its regulated activities. They do this by ensuring that there are adequate and effective arrangements to handle and resolve complaints from members about the conduct of certain activities within the Lloyd's market by the Society or by underwriting agents.

LLD 7.1.4G01/12/2004

The Financial Ombudsman Service will not be able to deal with these complaints and separate rules and guidance are therefore required.

LLD 7.1.5G01/12/2004

Complaints from policyholders, and complaints from members about members' advisers, are dealt with in LLD 6, DISP 1.7 and DISP 2.5.3 G.