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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.

To support this, managing agents should:

Ensure the conduct culture set by the Board promotes good customer outcomes throughout the product lifecycle and supports the protection of Lloyd's brand, reputation and regulatory standing worldwide

Design and oversee products through suitable governance structures that meet the expectations of the target market

Ensure there are no barriers to easily accessing clear and fair sales and post sales services

Deliver fair and prompt claims and complaints handling services in line with a clear servicing commitment

Engage, manage and oversee third party service providers in accordance with the outsourcing strategy and the standard of service set by the managing agent

Ensure regular and robust oversight of customer outcomes is achieved, using data and qualitative assessment

Customer Outcomes Maturity Matrix

The Maturity Matrix for Customer Outcomes is available within the Principles and Maturity Matrix document, which can be found on our Principles for doing business at Lloyd’s page.


Most consumer business is written through binding authorities so there is a degree of alignment between the two thresholds. However, the threshold for binding authorities is only taken into account in the following way - for those agents that don’t meet the threshold for Advanced on the basis of their Eligible Complainant numbers but write more than 100 binders we have rated them as Advanced for just the delegated authority sub principle. These agents are not expected to meet Advanced for the other sub principles.