Related provisions for INSPRU 8.4.1

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DISP 1.11.1RRP
The Society must establish and maintain appropriate and effective procedures for handling complaints by policyholders against members of the Society which comply with this chapter.
DISP 1.11.2RRP
A member of the Society must, in complying with this chapter, ensure that the arrangements which the member maintains are compatible with the Lloyd's complaint procedures, so that, taken as a whole, the requirements of this sourcebook are met.
DISP 1.11.3RRP
The Society must take reasonable steps to ensure that complaints by policyholders against members of the Society are dealt with under the Lloyd's complaint procedures and that members comply with the requirements of those procedures.
DISP 1.11.4RRP
A complaint by a policyholder against a member of the Society may not be referred to the Financial Ombudsman Service until after the Lloyd's complaint procedures have been completed or until after the end of eight weeks from receipt of the complaint, whichever is the earlier.
DISP 1.11.5RRP
(1) A notification claiming exemption under DISP 1.1.12 R from the complaints reporting rules and the rules relating to the funding of the Financial Ombudsman Service must be given to the FCA by the Society on behalf of any member eligible for an exemption. (2) The Society must notify the FCA if the conditions relating to such an exemption no longer apply to a member who is exempt.
DISP 1.11.6RRP
The report to be sent to the FCA under the complaints reporting rules must be provided by the Society and must cover all complaints by policyholders against members falling within the scope of the complaints reporting rules.
DISP 1.11.6ARRP
1Where, in accordance with DISP 1.11.6 R, the Society submits a report to the FCA reporting 500 or more complaints, it must publish a summary of the complaints data contained in that report (the complaints data summary).
DISP 1.11.6BRRP
1The Society must publish the complaints data summary in the format set out in the complaints publication form in DISP 1 Annex 1B R omitting details as to the firms and brands/trading names covered by the summary.
DISP 1.11.6CRRP
1The deadlines for publication of the Society's complaints data summaries are:(1) 28 February for the summary of its report relating to the reporting period ending on 31 December of the previous year; and(2) 31 August for the summary of its report relating to the reporting period ending on 30 June of the same year.
DISP 1.11.6DRRP
1The Society must immediately confirm to the FCA, in an email submitted to complaintsdatasummary@fca.org.uk, that the complaints data summary accurately reflects the report submitted to the FCA, that the summary has been published and where it has been published.
DISP 1.11.6EGRP
1The Society may choose how it publishes the complaints data summary. However, the complaints data summary should be readily available. For this reason, the FCA recommends that the Society publishes the summary on its website. The Society may publish further information with the complaints data summary to aid understanding.
DISP 1.11.7GRP
Each member of the Society is individually subject to the rules in this chapter as a result of the insurance market direction given in DISP 2.1.7 D23 under section 316 of the Act (Direction by a regulator).232323
DISP 1.11.8GRP
However, the Society 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's in-house Complaints Department. This procedure (and any procedure that may replace it) will be subject to the requirements in this ch
DISP 1.11.10RRP
A members' adviser must establish and maintain effective arrangements for handling any complaint from a member of the Society regarding advice given to the member in connection with the acquiring or disposing of syndicate participation.
DISP 1.11.11GRP
Complaints from members of the Society regarding the activities of members' advisers, which cannot be resolved by the members' adviser, cannot be referred to the Financial Ombudsman Service.
DISP 1.11.13RRP
The Society must establish and maintain appropriate and effective arrangements for handling any complaint from a member or a former member about:(1) regulated activities carried on by the Society;(2) the Society'sregulatory functions carried on by the Society, the Council or those to whom the Council delegates authority to carry out such functions;(3) advice given by an underwriting agent to a person to become, continue or cease to be, a member of a particular syndicate; and(4)
DISP 1.11.14RRP
The Society must maintain by byelaw one or more appropriate effective schemes for the resolution of disputes between an individual member or a former member who was an individual member and:(1) his underwriting agent; or(2) the Society.
DISP 1.11.16GRP
The schemes to which DISP 1.11.13 R currently refers are the Lloyd's Arbitration Scheme and the Lloyd's Members' Ombudsman respectively, but the Society may maintain other independent dispute resolution schemes in addition to, or instead of, either of these schemes.
DISP 1.11.17GRP
The schemes referred to in DISP 1.11.13 R should be operationally independent of the Society.
DISP 1.11.18GRP
An individual member or former member who was an individual member should not have access to the schemes referred to in DISP 1.11.13 R unless the complaints arrangements maintained by the Society have failed to resolve the complaint to his satisfaction within eight weeks of receiving it.
DISP 1.11.19GRP
The Society should give the FCA adequate notice of all proposed changes to the byelaws relating to the schemes referred to in DISP 1.11.13 R.
DISP 1.11.20GRP
When considering what is required to ensure the operational independence of the schemes referred to in DISP 1.11.13 R, or proposed changes in such schemes, the Society should take account of similar arrangements operated by the Financial Ombudsman Service.
INSPRU 8.2.11RRP
The Society must establish and maintain effective arrangements to monitor and manage risk arising from:(1) conflicts of interest (including in relation to (2) to (4));(2) inter-syndicate transactions, including reinsurance to close and approved reinsurance to close;(3) related party transactions; and(4) transactions between members and itself.
INSPRU 8.2.19RRP
The Society must take all reasonable steps to ensure that each member:(1) executes the appropriate Lloyd's trust deeds; and(2) carries to the appropriate Lloyd's trust fund all amounts received or receivable by the member, or on its behalf, in respect of any insurance business carried on by it.
INSPRU 8.2.20RRP
The Society must carry all amounts it receives on behalf of any member in respect of that member'sinsurance business to the appropriate Lloyd's trust fund.
INSPRU 8.2.22RRP
In complying with INSPRU 8.2.19 R to INSPRU 8.2.21 R, the Society and managing agents must take all reasonable steps to ensure that amounts received or receivable by a member in respect of general insurance business and long-term insurance business are carried to separate Lloyd's trust funds.
INSPRU 8.2.23RRP
The Society must, as soon as it is practical to do so, notify the appropriate regulator of its intention to approve the form of any new Lloyd's trust deed.
INSPRU 8.2.24RRP
The Society must, as soon as it is practical to do so, notify the FCA2of its intention to make any amendment which may alter the meaning or effect of any byelaw, including:2(1) any Lloyd's trust deed;(2) any standard form letter of credit prescribed by the Society from time to time; or(3) any standard form guarantee agreement prescribed by the Society from time to time.
INSPRU 8.2.25RRP
The Society must provide the FCA2with full details of:2(1) the form of any new Lloyd's trust deed it intends to approve, as described in INSPRU 8.2.23 R and(2) any amendments falling within INSPRU 8.2.24 R.
INSPRU 8.2.26RRP
The Society must consult interested parties in relation to any new Lloyd's trust deed and in relation to any amendment falling within INSPRU 8.2.24 R.
INSPRU 8.2.27GRP
Except in urgent cases, the Society should consult in relation to any new Lloyd's trust deed or amendments before the new deed or amendments take effect.
INSPRU 8.2.28RRP
The information provided to the 2FCA2by the Society under INSPRU 8.2.25 R must include:(1) a statement of the purpose of any proposed amendment or new Lloyd's trust deed and the expected impact, if any, on policyholders, managing agents, members, and potential members; and(2) a description of the consultation undertaken under INSPRU 8.2.26 R including a summary of any significant responses to that consultation.
INSPRU 8.4.2GRP
The rules and guidance in this section1 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 the Society appropriately and effectively regulates the capacity transfer market so that it operates in a fair and transparent manner.1
INSPRU 8.4.3RRP
The Society must make appropriate byelaws governing conduct in the capacity transfer market.
INSPRU 8.4.5GRP
The Society should have adequate and effective arrangements to:(1) record and monitor transactions in the capacity transfer market, and maintain adequate audit trails; and(2) suspend or annul transactions where appropriate.
INSPRU 8.4.6GRP
The Society should regularly review the byelaws referred to in INSPRU 8.4.3 R, taking account of the standards of conduct required in other UK financial markets.
INSPRU 8.4.7GRP
The Society should consult members and underwriting agents before it finalises material changes in the byelaws referred to in INSPRU 8.4.3 R, and should have timely and effective arrangements for notifying them of changes in these byelaws.
INSPRU 8.4.8RRP
(1) 2The Society must give the FCA a report as at the end of each calendar quarter in which any capacity is transferred.(2) The report referred to in (1) must reach the FCA within one month of the end of the relevant calendar quarter and must include information on:(a) the total capacity in syndicates transferred during the quarter, analysed by syndicate and method of transfer;(b) the number, and nature, of all investigations by the Society into conduct in the capacity transfer
IPRU-INV 4.4.1DRP
The Society must maintain appropriate and effective arrangements to require members’ agents1 to meet and continue to meet financial resource requirements at least equivalent to the requirements set out in Lloyd's Capital and Solvency Requirements 2001, as they are in force immediately before commencement.
IPRU-INV 4.4.2DRP
The Society must give the FCA1 a report on each members’ agent's1 compliance with the financial resource requirements referred to in IPRU-INV 4.4.1D as at the end of each quarter (determined by reference to each underwriting agent's accounting reference date).
IPRU-INV 4.4.3DRP
The report referred to in IPRU-INV 4.4.2D must reach the FCA1 within two months of the end of the relevant quarter and must state: (1) whether the Society has any information indicating or tending to indicate that, during the quarter to which the report relates, the members’ agents1 failed to meet the financial resource requirements referred to in IPRU-INV 4.4.1D; (2) whether, at the end of the quarter to which the report relates, the members’ agents1 failed to meet the financial
IPRU-INV 4.4.4DRP
In addition to the reports required under IPRU-INV 4.4.2D, the Society must give the FCA1 an annual report on each members’ agents1 compliance or non-compliance with financial resource requirements as at the end of that members’ agent's1 financial year.
IPRU-INV 4.4.5DRP
The report in IPRU-INV 4.4.4D must reach the FCA1 within seven months of that members’ agent's1 accounting reference date and must: (1) confirm that: (a) the Society has received from that members’ agent1 in respect of the financial year to which the report relates, all relevant attachments to the Annual Financial Return that the members’ agent1 is required to make to the Society under the requirements identified in IPRU-INV 4.4.1D; (b) that members’ agent1 met the applicable
The Society must submit the reports in IPRU-INV 4.4.2D to IPRU-INV 4.4.5D in accordance with the rules in SUP 16.3 (General provision on reporting).
IPRU-INV 4.2.1GRP
This chapter identifies the financial resource requirements and requirements as to accounts and statements to be met by certain firms conducting business at Lloyd's.
IPRU-INV 4.2.3GRP
Underwriting agents are subject to regulation by the Society as well as by the appropriate regulator. In particular, they are subject to requirements as to their financial resources and as to making and maintaining accounting records, set by the Society. The appropriate regulator is satisfied that underwriting agents will be subject to adequate financial resource and accounting requirements as long as they remain subject to and comply with requirements at least equivalent to Lloyd's
IPRU-INV 4.2.4GRP
A members' adviser is not regulated by the Society and accordingly this chapter specifies the financial resource and accounting requirements to be met. Firms which fall within the scope of this chapter will be firms with permission only to advise persons on syndicate participation at Lloyd's. The nature of that advisory business is akin to corporate finance advice and so the applicable requirements are those in IPRU-INV
IPRU-INV 4.1.1RRP
This chapter applies to the Society and members' advisers.
IPRU-INV 4.1.3DRP
The directions in IPRU-INV 4.4.1D to IPRU-INV 4.4.5D and IPRU-INV 4.5.1D are given to the Council and to the Society acting through the Council.
FEES 4.4.1RRP
A firm (other than the Society or8 an MTF or OTF8 operator in relation to its MTF or OTF8 business5) must notify to the FCA (in its own capacity and, if applicable, in its capacity as collection agent for the PRA) the value (as at the valuation date specified in Part 5 of FEES 4 Annex 1AR6) of each element of business on which the periodic fee payable by the firm is to be calculated.12
FEES 4.4.2RRP
A firm (other than the Society) must send to the FCA (in its own capacity and, if applicable, in its capacity as collection agent for the PRA)12 in writing the information required under FEES 4.4.1 R as soon as reasonably practicable, and in any event within two months, after the date specified as the valuation date in Part 5 of FEES 4 Annex 1AR in relation to 9 fees payable to the FCA6 (or FEES 4.2.7B R where applicable) unless FEES 4.4.2AR applies9.12121227
FEES 4.4.9DRP
3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444
SUP 15.3.22DRP
3SUP 15.3.23 D to SUP 15.3.25 D are given in relation to the exercise of the powers of the Society and of the Council generally, with a view to achieving the objective of enabling the FCA11 to:2929(1) comply with its general duty under section 314 of the Act (Regulators’29 general duty);29(2) determine whether underwriting agents, or approved persons acting for them or on their behalf, are complying with the requirements imposed on them by or under the Act;(3) enforce the provisions
SUP 15.3.23DRP
3The Society must immediately inform the FCA11 in writing if it becomes aware that any matter likely to be of material concern to the FCA11 may have arisen in relation to:2929(1) the regulated activities for which the Society has permission; or (2) underwriting agents; or (3) approved persons or individuals acting for or on behalf of underwriting agents.
SUP 15.3.24DRP
3The Society must inform the FCA11 if it commences investigations or disciplinary proceedings relating to apparent breaches:2929(1) of the Act or requirements made under the Act, including the threshold conditions or the Principles or other rules, by an underwriting agent; or(2) of the Statements of Principle by an individual or other person who carries out controlled functions for or on behalf of an underwriting agent.
SUP 15.3.25DRP
3The Society must inform the FCA11 if it commences investigations or disciplinary proceedings which do not fall within the scope of SUP 15.3.24 D but which:2929(1) involve an underwriting agent, or an approved person who carries out controlled functions for it or on its behalf; or (2) may indicate that an individual acting for or on behalf of an underwriting agent may not be a fit and proper person to perform functions in relation to regulated activities.
SUP 16.7A.3RRP
A firm in the RAG in column (1) and which is a type of firm in column (2) must submit its annual report and accounts to the FCA annually on a single entity basis. (1)(2)RAGFirm type1UK bankDormant account fund operatorNon-EEA bank2.2The Society3IFPRU investment firmsBIPRU firmsExempt CAD firms subject to IPRU (INV) Chapter 13All other firms subject to the following chapters in IPRU(INV):(1)Chapter 3(2)Chapter 5(3)Chapter 94IFPRU investment firmsBIPRU firmsExempt CAD firms subject
SUP 16.7A.8RRP
Firms must submit their annual report and accounts in accordance with SUP 16.7A.3 R within the following deadlines:(1) for a non-EEA bank, within 7 months of the accounting reference date;(2) for the Society or a service company, within 6 months of the accounting reference date; and(3) for all other firms, within 80 business days2 of the accounting reference date.2
IPRU-INV 1.2.2RRP
(1) IPRU-INV applies to: (a) a members' adviser; (b) an investment management firm; (c) a personal investment firm; (d) an authorised professional firm; (e) a securities and futures firm; (f) a service company; (g) the Society of Lloyd's (in relation to underwriting agents); (h) [deleted] (i) a credit union which is a CTF provider; and (j) an exempt
IPRU-INV 1.2.5RRP
Table This table belongs to IPRU (INV) 1.2.4R Authorised professional firmChapters 1 and 2 Securities and futures firm (which is not a MiFID investment firm) Chapters 1 and 3 Securities and futures firm (which is an exempt BIPRU commodities firm or an exempt IFPRU commodities firm) Chapters 1 and 3 The Society of Lloyd's (in relation to underwriting agents) and members' advisersChapters
SUP 18.2.45GRP
Where a transfer involves underwriting7members of Lloyd's as transferor or transferee, any notice requirements of the Society will also apply.
SUP 18.2.51GRP
The assessment is a continuing process, starting when the scheme promoters first approach the appropriate regulator7 about a proposed scheme. Each regulator will have an interest in assessing the scheme.7Among the considerations that may be relevant to both the depth of consideration each gives to, and each regulator's7 opinion on, a scheme are:77(1) the potential risk posed by the transfer to its statutory objectives7;7(2) the purpose of the scheme;(3) how the security of policyholders'
SUP 18.2.56GRP
Where a transfer involves underwritingmembers or former members7 of Lloyd's as transferor or transferee, the appropriate regulator7 will consult the Society. Where the business of a syndicate is being transferred, the transfer involves all members participating in the relevant syndicate years.7
INSPRU 8.1.1RRP
1INSPRU 8.1 applies to:(1) the Society;(2) managing agents.
IPRU-INV 4.3.1DRP
The directions in IPRU-INV 4.4.1D to IPRU-INV 4.4.5D and IPRU-INV 4.5.1D are given in relation to the exercise of the powers of the Society and of the Council generally, with a view to achieving the objective that members’ agents1 have adequate financial resources to support, and keep and preserve adequate accounting records in respect of their business at Lloyd's.
IPRU-INV 4.5.1DRP
The Society must maintain appropriate and effective arrangements to require members’ agents1 to meet the obligation to keep and preserve accounting records, set out in Lloyd's Underwriting Agents Byelaw (No 4 of 1984), Section III, paragraph 53B, as it is in force immediately before commencement.
FEES 5.9.3GRP
[deleted]3737
EG 19.19.1RP
1The Lloyd’s Accounting Regulations implement the Audit and Accounts Directives in relation to the Lloyd’s insurance market. They aim to increase the transparency of the accounts published by Lloyd’s syndicates by imposing requirements in relation to the preparation and disclosure of the accounts. The Regulations give the FCA the power to institute criminal proceedings for an offence committed under the Regulations.
FEES 6.1.1RRP
1This chapter applies to:(1) every participant firm;74(2) the FSCS; and(3) the Society.
FEES 6.1.2GRP
(1) Firms which are not participant firms (such as certain types of incoming EEA firms, service companies and ICVCs) are not required to contribute towards the funding of the compensation scheme.(2) The12 fees levied in relation to the carrying on of insurance market activities by members will be imposed on the Society rather than individually on each member (see FEES 6.3.24 R).
FEES 4.3.3RRP
The periodic fee referred to in FEES 4.3.1 R is (except in relation to the Society,10fee-paying payment service providers, CBTL firms,20fee-paying electronic money issuers and data reporting services providers20) 20 calculated as follows:107(1) identify each of the tariffs set out in Part 1 of FEES 4 Annex 2AR1723 which apply to the business of the firm for the period specified in that annex;23(2) for each of the applicable23 tariffs, calculate the sum payable in relation to
FEES 4.3.5RRP
The periodic fee referred to in FEES 4.3.1 R in relation to the Society is specified against its name in 23FEES 4 Annex 2AR17.23
SUP 15.7.14GRP
The FCA4 has made arrangements with the Society of Lloyd's with respect to the monitoring of underwriting agents. Underwriting agents should check whether these arrangements provide for any notifications required under this chapter to be sent to the Society instead of to the FCA.4 [For further details see the FCA's4 website.]777777
CASS 1.2.4RRP
With the exception of this chapter and the insurance client money chapter, CASS does2 not apply to:2(1) an authorised professional firm with respect to its non-mainstream regulated activities; or(2) the Society.