§ Lord Strathcona and Mount Royal
asked Her Majesty's Government:
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.595WA
§ Lord Beaverbrook
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 18th November 1987 as my noble friend announced inOfficial Report, Lords (cols. 281–282). We 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 596WA 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.
We expect Lloyd's to maintain momentum in accordance with that agreed timetable for full and complete implementation. We shall continue to follow closely their progress and to keep the House informed.