Control Framework

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 information is of good quality, accurate and complete. The updated data items specific to tax and regulatory reporting can be found in the 'Downloads' section of this page. 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 three phases:

Phase Distribution channel Sign-off deadline

1

Service Companies 30 June 2013

2

Coverholders 31 December 2015

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 quarterly 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

Contacts

Alison Dove

Ali Dove
Programme Manager - Tax & Regulatory Reporting

t: +44 (0)20 7327 5842
f: +44 (0)20 7327 5887
alison.dove@lloyds.com

Jaana Rouvari

Jaana Rouvari
Project Manager - Control Framework

t: +44 (0)20 7327 6588
f: +44 (0)20 7327 5887
jaana.rouvari@lloyds.com

Martin Baker

Martin Baker
Stakeholder Manager

t: +44 (0)20 7327 5594
f: +44 (0)20 7327 5877
martin.baker@lloyds.com

Laura Fletcher

Laura Fletcher
Business Analyst

t: +44 (0)20 7327 6267
f: +44 (0)20 7327 5887
laura.fletcher@lloyds.com

Hannah Warrilow

Hannah Warrilow
Junior Business Analyst

t: +44 (0)20 7327 6196
f: +44 (0)20 7327 5887
hannah.warrilow@lloyds.com

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