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Lloyd's (Committee Of Inquiry)

Volume 114: debated on Wednesday 8 April 1987

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asked the Secretary of State for Trade and Industry what were the results of his discussions with Lloyd's on the consideration and implementation of the report of the committee of inquiry into regulatory matters at Lloyd's.

The Council of Lloyd's welcomed the report and accepted, on the day of publication, the changes recommended in the composition of the council; these have since been implemented. This new council will oversee the implementation of the remainder of the report, for which Lloyd's has since drawn up detailed plans. The chairman of the Council of Lloyd's. with whom I have had discussions on these matters, has recently sent me me a memorandum setting out their approach to, and proposed timetable for, implementation. I have placed this memorandum in the Library.For their part, the Government accept the recommendation that Lloyd's should be exempted from the Rehabilitation of Offenders Act 1974 in a similar way to other institutions, to enable it to seek information about spent convictions and is discussing the details with Lloyd's. Lloyd's has so far shown determination to act promptly and have made some progress. I shall expect this progress to continue, so that the substance of the report will be implemented speedily, as planned, over the next two years. The Government believe that full and complete implementation of the report should provide Names with broadly comparable protection to that given to investors under the Financial Services Act. I shall continue to follow most carefully progress in this important matter and to keep the House informed.