Reset to Today

To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004.

Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

Alternative versions

  1. Point in time
    2006-04-28

LLD 2.4 Information on investigations and disciplinary proceedings

LLD 2.4.1D

The Society must inform the FSA if it commences investigations or disciplinary proceedings relating to apparent breaches:

  1. (1)

    of the Act or requirements made under the Act, including the threshold conditions or the Principles or other rules, by an underwriting agent; or

  2. (2)

    of the Statements of Principle by an individual or other person who carries out controlled functions for or on behalf of an underwriting agent.

LLD 2.4.2D

The Society must inform the FSA if it commences investigations or disciplinary proceedings which do not fall within the scope of LLD 2.4.1 D but which:

  1. (1)

    involve an underwriting agent, or an approved person who carries out controlled functions for it or on its behalf; or

  2. (2)

    may indicate that an individual acting for or on behalf of an underwriting agent may not be a fit and proper person to perform functions in relation to regulated activities.

LLD 2.4.3G

The information provided under LLD 2.4.1 D and LLD 2.4.2 D should include information about any:

  1. (1)

    commencement of an inquiry under Lloyd's Inquiries and Investigations Byelaw (No 3 of 1983);

  2. (2)

    issue of proceedings under Lloyd's Issue of Proceedings by Council Byelaw (No 18 of 1983);

  3. (3)

    administrative suspension under Lloyd's Administrative Suspension Byelaw (No 7 of 1987);

  4. (4)

    making of a review order under Lloyd's Review Powers Byelaw (No 5 of 1986);

  5. (5)

    imposition of penalties under Lloyd's Misconduct and Penalties Byelaw (No 30 of 1996);

  6. (6)

    directions given under Lloyd's Suspension: Supplementary and Consequential Matters Byelaw (No 19 of 1983);

  7. (7)

    institution of disciplinary proceedings, settlement of disciplinary proceedings, or decisions of a Disciplinary Tribunal under Lloyd's Disciplinary Committees Byelaw (No 31 of 1996); and

  8. (8)

    restitution ordered under Lloyd's Restitution Orders Byelaw (No 24 of 2000).

LLD 2.4.4G

The Society need not give the FSA notice of routine inspections which form part of regular monitoring or themed visits.

LLD 2.4.5G

At the end of each calendar month, the Society should report to the FSA on the progress of all investigations and disciplinary proceedings previously reported under LLD 2.4.1 D and LLD 2.4.2 D that are still in progress or which ceased during that month.

LLD 2.4.6G

The Society should send the FSA the information under LLD 2.4.1 D, LLD 2.4.2 D and LLD 2.4.5 G within five business days of the end of each calendar month.