Financial Control is made up of the following teams:
Financial Control
Headed by: Kevin Smith
Responsibility: Establishing and improving the internal financial controls of the Society of Lloyd's including financial policies, the preparation and monitoring of budgets, monthly management accounts and statutory financial statements. Financial Control also advises the market on members' subscription and Central Fund contributions, and provides payroll, management and financial accounting services not only to the Society but also to market associations, Lloyd's charities and other businesses operating in the Lloyd's market.
Settlement & Trust Fund Operations
Headed by: Ian Wootten
Responsibility: STFO is responsible for providing central settlement, also known as 'Central Accounting', to the market. This service co-ordinates all insurance related transactions to the market to ensure secure and timely settlement of funds between Lloyd's syndicates and brokers and any other authorised party. Settlement operates daily in the twelve settlement currencies and by utilising the currency conversion service enables original currencies to be processed by brokers without the need for syndicates to maintain a bank account in every currency.
STFO also operates the Citibank letter of credit (LOC) scheme on behalf of the market. This enables US$ LOCs to be issued from the market's Lloyd's Dollar Trust Fund accounts in respect of US$ business.
In addition to the above, STFO provides the market with a facility for making third party payments out of the various syndicate trust funds
