Following recent retirements, the Council of Lloyd’s is looking to appoint a “market-connected” member of the Lloyd’s Enforcement Board (LEB). The Council would welcome expressions of interest from qualified individuals.
What does the LEB do?
The LEB is established under the Enforcement Byelaw and operates independently of the Council. It has initial jurisdiction over all proceedings alleging misconduct (as defined in the Enforcement Byelaw) that are instituted by the Council against members of Lloyd’s or other market participants.
If a defendant accepts a charge of misconduct and accepts the Council’s proposed sanction, the Council and the defendant prepare a draft settlement agreement and submit it to the LEB for review. The LEB may decide to approve, reject or suggest modifications to the settlement, and may require both parties to attend before it to assist it in reaching its decision. As and when the LEB approves a settlement, it issues an official decision as to misconduct, sanctions and costs.
If a defendant does not accept a charge of misconduct, or does not accept the proposed sanction, the LEB appoints the members of a tribunal to hear the case and transfers jurisdiction over the enforcement proceedings to the tribunal.
What is the composition of the LEB?
Since 2021 the LEB has been chaired by Ali Malek KC, a leading barrister. It has a deputy chair, who is also external to Lloyd’s, and it currently has one market-connected member (as defined below). Members of the LEB are appointed by the Council for renewable 3-year terms and receive a fee of £7,000 per annum.
Who can become a market-connected member of the LEB?
Under section 7(1A) of the Lloyd’s Act 1982, a market-connected member of the LEB must fall within one of the following categories:
- a working member of the Society (for example a non-underwriting working member);
- a director of a corporate member of the Society;
- an officer or employee of an managing agent, members’ agent or Lloyd’s broker who is an approved person under section 59 of the Financial Services and Markets Act 2000; or
- a person who has gone into retirement, but who immediately before retirement fell within paragraph (b) or (c) above.
How can I indicate my interest in becoming a market-connected member of the LEB?
The recruitment process for the additional market-connected member of the LEB will be overseen by the Nominations & Governance Committee of the Council. The Committee would welcome expressions of interest from qualified individuals who would be interested in joining the LEB, especially from those with experience of legal, regulatory or compliance matters.
Lloyd’s success is integrally linked to the diverse composition of its workforce and the promotion of an inclusive culture. This applies to Lloyd’s governing bodies as much as it does to any other area of its business.
Please send any expression of interest to lloyds.secretariat@lloyds.com by Friday 19 July 2024. The Nominations & Governance Committee would be grateful if you could include in your expression of interest:
- a brief statement of any experience that you consider relevant to the role; and
- an explanation of your eligibility to serve as a market-connected member of the LEB under section 7(1A) of the Lloyd’s Act 1982 (as described above).
If you have any questions about the role, please feel free to send them to the e-mail address below.
lloyds.secretariat@lloyds.com