Lloyd's to be dual-regulated by PRA and FCA under new financial regime
The Government today outlined its view that Lloyd’s and Lloyd’s managing agents should be dual-regulated firms with the Prudential Regulatory Authority responsible for prudential regulation (including the activities of ensuring the adequacy of members’ resources and Lloyd’s central assets) and the Financial Conduct Authority responsible for conduct regulation.
In its consultation paper "A new approach to financial regulation: building a stronger system" published today it said: "Given the importance of prudential supervision in ensuring that the claims of
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