LLD 7.5 Independent dispute resolution schemes
The Society must maintain by byelaw one or more appropriate and effective schemes for the resolution of disputes between an individual member or a former member who was an individual member and:
- (1)
his underwriting agent; or
- (2)
the Society.
For the purposes of LLD 7.5.1 R "individual member" includes a member which is a limited liability partnership or a body corporate whose members consist only of, or of the nominees for, a single natural person or a group of connected natural persons.
The schemes to which LLD 7.5.1 R currently refers are the Lloyd's Arbitration Scheme and the Lloyd's Members' Ombudsman respectively, but the Society may maintain other independent dispute resolution schemes in addition to, or instead of, either of these schemes.
The schemes referred to in LLD 7.5.1 R should be operationally independent of the Society.
An individual member or former member who was an individual member should not have access to the schemes referred to in LLD 7.5.1 R unless the complaints arrangements maintained by the Society have failed to resolve the complaint to his satisfaction within eight weeks of receiving it.
The Society should give the FSA adequate notice of all proposed changes to the byelaws relating to the schemes referred to in LLD 7.5.1 R.
When considering what is required to ensure the operational independence of the schemes referred to in LLD 7.5.1 R, or proposed changes in such schemes, the Society should take account of similar arrangements operated by the Financial Ombudsman Service.