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:
Principle 5: Customer Outcomes
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.
Access Principles and Maturity Matrix documentFAQs
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.
In determining whether the threshold has been reached we combine the number of Eligible Complainants from the FCA Eligible Complainant Return with the numbers of beneficiaries reported on the Lloyd’s Master Policy Return.
Yes