Protecting Lloyd's reputation and brand
The managing agent has effective arrangements to protect Lloyd’s reputation and brand.
Standards
The managing agent can demonstrate that –
- it has an appropriate code of business ethics with which it complies.1
- it has appropriate arrangements and processes in place to properly manage the risk that financial crime may pose to it, to any syndicates it manages and to Lloyd’s generally.
- it treats policyholders fairly.2 it (and its agents) use Lloyd’s name and brand in accordance with the relevant guidelines and requirements issued by Lloyd’s.3
- it deals with Lloyd’s and with regulators in an open and cooperative way.4
- it informs Lloyd’s in good time of material issues of which it would reasonably expect notice. That includes –
- material issues relating to the managing agent or to the syndicates it manages that may generate complaints or receive regulatory or significant press attention.
- issues relating to the misuse or potential misuse of Lloyd’s name or brand.
Toolkit
[1] See the model code
See also, for example, the Institute of Business Ethics http://www.ibe.org.uk
See in particular, examples http://www.ibe.org.uk/index.asp?upid=64&msid=11
[2] See also, the FSA Handbook – The Principles (Prin 2.1 Principle 6) http://fsahandbook.info/FSA/html/handbook/PRIN/2/1
and see also, the FSA’s website
http://www.fsa.gov.uk/Pages/Doing/Regulated/tcf/index.shtml
[3] See Lloyds.com
Brand_Guidelines
[4] See also, the FSA Handbook – The Principles (Prin 2.1 Principle 11) http://fsahandbook.info/FSA/html/handbook/PRIN/2/1
