The term “fraud” refers to the use of deception to deprive, disadvantage or cause loss to another person or party. This can include theft, the misuse of funds or other resources, or more complex crimes such as false accounting and/or the supply of false information.
As a globally recognised and trusted brand, the Lloyd’s name is sometimes used in a fraudulent manner. Lloyd’s works closely with competent authorities and law enforcement agencies around the world to try to prevent this from occurring.
Market participants should also take note of the UK’s Economic Crime and Corporate Transparency Act 2023 (ECCTA), whereby large organisations are criminally liable if they fail to prevent an employee, agent, subsidiary or other “associated person” who performs services for or on behalf of the organisation from committing a specified fraud offence intended to benefit, directly or indirectly, the organisation or its client.
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