Market Services is made up of the following areas:
Finance and Control
Headed by: Nikki Hopper
Finance and Control is made up of the following teams:
- Risk and Control
Responsibility: To review the work of Market Services in accordance with Financial Services Authority (FSA) requirements to ensure the accuracy of the underlying records. Risk and process management and the control of departmental expenses.
- Finance and Analysis
Responsibility: Manages Market Services income, financial control, budget and progress reporting.
Tax & Distribution
Headed by: Christine Allcott
Tax and Distribution is made up of the following teams:
- Tax Operations
Responsibility: To produce tax information to enable the filing of tax returns in the United States, Canada and Singapore ensuring that tax is paid when due. Additionally, file tax return in Illinois and ensure that data is compiled to file US returns, Federal Excise tax return for Lloyd's market. Collection from market and payment to IRS of amounts due. Tax Operations has a further responsibility for producing tax advice to enable members to comply with their UK tax obligations and to claim double tax relief. Information is also produced to assist certain overseas members with their tax obligations. Also act as US Qualifying Intermediary for Lloyd's syndicates.
- Distribution, Auction and Stamp
Responsibility: Distribution has five main responsibilities:
- Collection, consolidation and publication of members' annual syndicate results.
- Ensuring the accurate allocation of underwriting profits and losses to members and the subsequent releases of any surpluses in accordance with the members' instructions via their members' agent.
- Action requests from members' agents for FAL and Central Fund drawdowns together with the receipt of new money payments to fund member losses.
- The payment of losses to syndicates and other creditors.
- Maintenance of syndicate stamp data and responsibility for the annual auction process.
Asset Management
Headed by: Mark Baker
Asset Management is made up of the following teams:
- Corporate Actions
Responsibility: Deals with mandatory and optional corporate actions on holdings in Funds at Lloyd's (FAL). Corporate Actions also has a further responsibility for the receipt of payment of income to members.
- Trade & Settlement
Responsibility: Deals with matching and settlement of FAL trades in the worldwide markets. Additionally any movements of stocks and shares into and out of FAL are completed by this team. Responsible for Forms of Appointments for individual members to appoint a Stockbroker to buy and sell securities for their FAL and acceptability assessments.
Strategic Planning & Development
Headed by: Karen Oliver
Strategic Planning & Development is made up of the following:
- Strategic Planning and Support
Responsibility: The day to day planning and management of key strategic projects affecting Market Services, as well as operational analytical support to the Project and Business team. The day to day management of the Market Services custody system, TAROT, as well as manging core central support task for Market Services and the maintenance of the Market Returns Helpdesk.
Lloyd's Members' Agency Services (LMAS) and Membership
Headed by: Paul Box - Managing Director, LMAS
LMAS and Membership is made up of the following teams:
- LMAS
Responsibility: The Lloyd's run-off members agent. It provides administrative assistance and support to individual and corporate members, no longer actively underwriting, in all aspects of their open and run-off underwriting, including syndicate monitoring, underwriting results distribution and FAL monitoring. Also specialising in Deceased members estate administration.
- Membership Arrangements
Responsibility: Focusses on membership issues such as the election of new limited liability members and FAL movements, including handling interavailable assets. Membership Arrangements has a further responsibility for the maintenance of standing information data including the Register of Members.
- Direct Corporate Participants
Responsibility: Provides coming-into-line, distribution, covenant and charge, FAL management and general membership services for Direct Corporate Participants. It is also responsible for the production of the capital test and FAL valuations statements for all members.
Centrewrite Limited
Headed by: Alice Gac - Underwriting Director
Responsibility: Offers value for money products to members of Lloyd's who wish to leave Lloyd's or protect their estate against unlimited liability should they die.
Policyholder and Market Assistance
Headed by: Lynda Edwards
Responsibility: Handling enquiries and complaints from Lloyd's policyholders and their insurers, providing statistical information, data extracts and reports to internal and external customers.
