LLD 1.1 Application and purpose

The guidance in this chapter is relevant to the Society.

The guidance in this chapter is intended to:

1. (1)

   promote confidence in the market at Lloyd's by ensuring that it is appropriately and effectively regulated by the Society and the Council and those to whom the Council delegates the Society's regulatory functions;

2. (2)

   protect policyholders and members; and

3. (3)

   enable the FSA to use its resources in an efficient and effective way when regulating underwriting agents, and approved persons acting for or on behalf of those agents, by making it possible for the FSA to rely on the Society and the Council to carry out certain functions on behalf of the FSA or otherwise.