Lloyd's governance structure
Find out how our governance structure fits together.
An Act of Parliament, the Lloyd's Act 1982, defines the governance structure and rules under which Lloyd's operates. Under the Act, the Council of Lloyd's is responsible for the management and supervision of the market. Lloyd's is regulated by the Financial Services Authority (FSA) under the Financial Services and Markets Act 2000.
The Council normally has six working, six external and six nominated members. The working and external members are elected by Lloyd's members. The Chairman and Deputy Chairmen are elected annually by the Council from among its members. All members are approved by the FSA.
The Council can discharge some of its functions directly by making decisions and issuing resolutions, requirements, rules and byelaws. Other decisions are delegated to the Franchise Board and associated committees.
Find out who makes up the Council of Lloyd's
The Franchise Board is responsible for the day-to-day management of the Lloyd's market. It lays down guidelines for all syndicates and operates a business planning and monitoring process to safeguard high standards of underwriting and risk management, thereby improving sustainable profitability and enhancing the financial strength of the market.
The Board is chaired by John Nelson, Chairman of Lloyd's and has three further executive members:
- Chief Executive Officer
- Director of Finance, Risk Management and Operations
- Director of Performance Management
Find out who makes up the Franchise Board
Lloyd’s Principal Committees
Lloyd’s Risk Committees
