Customer Oversight

The role of the Lloyd’s Customer Oversight Team is to oversee the market’s ability to meet Lloyd’s expectations relating to customer outcomes. Key areas of focus include conduct risk, product governance, delegated authorities and claims handling.

In addition to day to day market engagement Lloyd’s Customer Oversight Team is involved in a variety of activities to educate and support the market in achieving good customer outcomes.

Underpinning everything the team does is Lloyd’s Principle 5 – Customer Outcomes:

Managing agents should embed a culture and associated behaviours throughout their business to ensure that they consistently focus on good customer outcomes and that products provide fair value.

Lloyd’s Principle 5 – Customer Outcomes

In their entirety, the Lloyd's Principles set out the fundamental responsibilities expected of all managing agents and are at the heart of Lloyd’s enhanced oversight framework.

Learn more about some of the Customer Oversight Team’s initiatives and expectations below, as well as links to information and resources relevant to good customer oversight and further information on the Lloyd’s Principles.

Fair Value

Fair value is a key focus for Lloyd’s and the FCA. We aim to support the market in ensuring that all Lloyd’s customers receive fair value from the products and services that they purchase in the Lloyd’s market.

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Customer Oversight Referrals

Certain arrangements need to be referred to the Customer Oversight Team for review. Find out more about the different referral triggers.

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Product Simplification

With simpler product design and delivery, customers can better understand their coverage, empowering them with the confidence that their insurance policy is the most relevant and efficient protection against the risks they face.

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Thematic Reviews

The Customer Oversight Team’s programme of thematic reviews is designed to look into topics that are of common interest to the market or which Lloyd’s has identified as meriting a closer review of market practice.

Find out more on the Insights Hub

Third Party Material Issues

Managing agents should notify Lloyd’s of any material issues that arise in relation to coverholders, delegated claims administrators or other third parties. Lloyd’s works collectively with the market to achieve swift and successful outcomes.

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Customer Oversight Communications

The Customer Oversight Team issues various communications to keep the market informed of the work we are doing and provide updates on current requirements. On this page you can access past communications that we have published.

Find out more on the Insights Hub

Consumer Duty E-Learning

'Lloyd’s Introduction to the Consumer Duty’ is available to the market, including UK based coverholders and DCAs.

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Customer feedback

To put the customer first you need to understand the customer experience from the customer’s perspective. The best way to do this is to ask the customer.

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Master/Group Policies

Find out about Lloyd’s Requirements and Guidance for the writing of master/group policies.

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Further information

Customer outcomes

Learn more about the Customer Outcomes Principle and Lloyd’s expectations.

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Project Rio: Resource hub

Access recordings of Market Briefing sessions and slide decks as well as FAQs about the Principles.

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Principles for doing business

Learn more about all the Principles which articulate the fundamental responsibilities expected of all managing agents.

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Contact us

If you have any questions please contact us.

conduct@lloyds.com