Integrity
An agent should observe high standards or integrity and deal openly and fairly.
Skill, care and diligence
An agent should act with due skill, care and diligence.
Market conduct
An agent should observe high standards of conduct and should take all reasonable steps to avoid causing harm to the standing or reputation of Lloyd's.
Conduct towards Members
An agent should conduct the affairs of each of the members for whom it acts in a manner which does not unfairly prejudice the interests of any such member.
Information
An agent should seek from members it advises any information about their circumstances and objectives which might reasonably be expected to be relevant in enabling it to fulfil its responsibilities to them. An agent should also take all reasonable steps to give members it advises or for whom it exercises discretion, in a comprehensible and timely way, any information needed to enable them to make balanced and informed decisions. An agent should also be ready to provide members with a full and fair account of the fulfillment of its responsibilities to them.
Conflicts of interest
An agent should seek to avoid any conflict of interest arising, but where a conflict does arise, should make comprehensible and timely disclosure of that conflict and of the steps to be taken to ensure the fair treatment of any members affected. An agent should not unfairly put its own interest above its duty to any members for whom it acts.
Assets
An agent should deal with assets and rights received or held on behalf of a member prudently and in accordance with the terms of any applicable trust deed or agreement with the member.
Financial resources
An agent should maintain adequate financial resources to meet its commitments and to withstand the normal risks to which it is subject.
Internal organisation
An agent should organise and control its internal affairs in a responsible manner, maintaining proper records and systems for the conduct of its business and the management of risk. It should have adequate arrangements to ensure that staff and others whom it employs are suitable, adequately trained and properly supervised and that it has well-defined compliance procedures.
Relations with Lloyd's
An agent should deal with Lloyd's in an open and co-operative manner and keep Lloyd's promptly informed of anything concerning the agent which Lloyd's might reasonably be expect to be disclosed to it.
This principle does not require an agent to give the member concerned greater rights of access to documents and information than that member has under any agreement with the agent.
