§ Mr. Meacherasked the Minister for Trade, pursuant to the answer given to the hon. Member for Oldham, West on 6 December, Official Report, c. 588, if, in the course of his discussions with the chairman of Lloyd's, he will urge the appointment by Lloyd's of a senior accountancy firm to undertake a complete and thorough audit of the Lloyd's market.
§ Dr. VaughanThere are over 20,000 underwriting members of Lloyd's. Their business is carried on through over 400 syndicates and is administered by some 300 underwriting agencies. Business is introduced by over 250 Lloyd's brokers. Brokers and agencies incorporated as companies are subject to audit under the Companies Act. Lloyd's is currently reviewing its auditing procedures and the working party examining this is expected to produce a first report shortly. I welcome these developments.