What is the Control Framework?
The Control Framework is a structured, documented process for the application and testing of the controls in place to verify and evidence that Tax and Regulatory reporting data is of good quality, accurate and complete. The data items specific to tax and regulatory reporting are also documented as an appendix within the guide book. Board sign-off is required from each managing agent within the Lloyd’s market.
The initiative, mandated by Lloyd’s, encourages continuous improvement in this area and is Lloyd’s response to ensuring it can satisfy increasing requests for more granular tax and regulatory evidence from the Supervisory Authorities into the future. The Programme is being rolled out in 3 phases:
| Phase |
Distribution channel |
Sign-off deadline |
|
1
|
Service Companies |
30 June 2013 |
|
2
|
Coverholders |
31 December 2014 |
|
3
|
Open Market |
TBA |
Managing agents will benefit as Lloyd’s will continue to act as the primary respondent to regulatory and tax reporting queries for Lloyd’s business.
Fundamentally, the objectives are to:
- “Raise the bar” on quality across our market
- Protect managing agents from direct regulatory investigations and penalties for non-compliance
- Maintain and enhance the Lloyd’s brand and reputation
- Minimise the risk to the overall Lloyd’s licences
- Protect and potentially improve the competitive position of the platform.
Where can I get more information?
Market Breakfast Group
There is a monthly breakfast group which anyone involved in implementing the Control Framework is welcome to join. It is an informal group for participants to share best practice ideas, issues and experiences in implementing a Control Framework for regulatory and tax reporting (relating to service company and coverholder business). To register, please email controlframework@lloyds.com.
Downloads from the Market Breakfast Group are available via this link.
Contacts
General mailbox: controlframework@lloyds.com
Ali Dove, Market Operations
t. +44 (0)20 7327 5842
alison.dove@lloyds.com
Andrew Gurney, International Regulatory Affairs
t.+44 (0)20 7327 6194
andrew.gurney@lloyds.com
Peter Montanaro, Delegated Authorities
t +44(0)20 7327 5971
peter.montanaro@lloyds.com
Mark Edwards, Taxation
t. +44 (0)20 7327 6839
mark.edwards@lloyds.com
