§ Mr. Oppenheim
To ask the Chancellor of the Duchy of Lancaster if he will make a statement on the progress which has been made by Lloyd's in the implementation of the recommendations of the committee of inquiry into regulatory matters at Lloyd's.
§ Mr. William Powell
To ask the Chancellor of the Duchy of Lancaster what further progress has been made by Lloyd's in the implementation of the recommendations of the committee of inquiry into regulatory matters at Lloyd's.
§ Mr. Maude
The chairman of the council of Lloyd's has recently submitted a memorandum which records the progress made to date and Lloyd's plans for further implementation. This is the third such report to have been submitted by Lloyd's; the last having been placed in the Library on 18 November 1987 as I announced in theOfficial Report at columns 555–56. I have today placed a copy of the latest memorandum in the Library. It shows that the council of Lloyd's has implemented 38 of the 70 recommendations in the committee's report which was published in January 1987. A steady programme of consultation on the remaining recommendations, including that on deficit clauses, continues. Implementation of virtually all the committee's recommendations should be: completed by the middle of 1989.
I expect Lloyd's to maintain momentum in accordance with that agreed timetable for full and complete implementation. I shall continue to follow closely their progress and to keep the House informed.