Regulators and Lloyd’s agree streamlined managing agent authorisation process

The PRA, FCA and the Society of Lloyd’s have agreed to streamline the regulatory approval process for Lloyd’s managing agents.

The changes follow a successful pilot operated in the Lloyd’s market in 2024.

Under the proposals, the regulators would retain their statutory decision-making responsibilities, but would make further use of the assessment work already carried out by Lloyd’s. The amendments are part of a wider programme for improved collaboration between Lloyd’s and the regulators, aiming at improving effectiveness, efficiency and reduce duplication in oversight.