The Bank of England’s Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA) and the Society of Lloyd’s have agreed changes to streamline regulatory approval for Lloyd’s managing agents, aiming to shorten the authorisation timeframe. The PRA and FCA will retain their statutory decision-making roles but will make greater use of assessment work already carried out by Lloyd’s, enabling more concurrent reviews while maintaining entry standards. The revised approach follows a successful pilot in 2024 and forms part of a wider programme to improve effectiveness and efficiency and reduce duplication in oversight of the Lloyd’s market. Where applicants submit high-quality applications and can move at pace, the combined authorisation process could be completed in around six months, compared with the previous 12 to 18 months; the organisations also linked the changes to the PRA’s and FCA’s secondary competitiveness and growth objectives. Further details on the updated entry process will be communicated to prospective new entrants via the usual channels.
Bank of England 2025-07-07
Bank of England’s Prudential Regulation Authority, Financial Conduct Authority and Society of Lloyd’s streamline Lloyd’s managing agent authorisation to cut timelines to around six months
The Bank of England’s Prudential Regulation Authority, the Financial Conduct Authority, and the Society of Lloyd’s will streamline regulatory approval for Lloyd’s managing agents, cutting the authorisation timeframe from 12-18 months to around six months. This revised approach, following a successful 2024 pilot, aims to improve efficiency and reduce oversight duplication while maintaining entry standards. The changes align with the PRA’s and FCA’s secondary competitiveness and growth objectives.