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Demystifying Conduct Risk

Demystifying Conduct Risk. Gabriella Barker Lloyd’s Delegated Authorities. What is Conduct R isk?. The risk that a managing agent (or its agents) will fail to pay due regard to the interests of Lloyd’s customers or will fail to treat them fairly at all times. Why is Conduct Risk important?.

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Demystifying Conduct Risk

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  1. Demystifying Conduct Risk Gabriella BarkerLloyd’s Delegated Authorities

  2. What is Conduct Risk? • The risk that a managing agent (or its agents) will fail to pay due regard to the interests of Lloyd’s customers or will fail to treat them fairly at all times.

  3. Why is Conduct Risk important? • To achieve fair outcomes for policyholders. • Increasingly conduct focussed regulatory environment.

  4. What are the implications for coverholders? • Coverholders are agents of Managing Agents. • A Coverholder’s policyholders are the Managing Agents’ policyholders. • Both have a responsibility to ensure fair outcomes are achieved for those policyholders.

  5. What should Coverholders expect? • Additional conduct focussed questions at renewal and for new binders. • Closer oversight from Managing Agents. • Increased data reporting requirements. • The above will be proportionate to the product risk.

  6. Why are Managing Agents requiring this? • To demonstrate compliance with FCA requirements and expectations. • To demonstrate compliance with Lloyd’s requirements and expectations.

  7. What are we seeking to achieve? • Fair outcomes for all customers. • A consistent Lloyd’s market approach to managing conduct risk. • Greater understanding of our coverholders. • Improved/increased data to assess conduct risk.

  8. Conclusion • Focus on achieving fair outcomes for all our customers. • Increased regulatory focus on conduct risk which must be addressed. • As FCA regulated entities this is the responsibility of Lloyd’s, Managing Agents and Coverholders.

  9. www.lloyds.com

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