HL Deb 08 April 1987 vol 486 cc1108-10WA
Lord Gray of Contin

asked Her Majesty's Government:

What were the results of their discussions with Lloyd's on the consideration and implementation of the report of the Committee of Inquiry into Regulatory Matters at Lloyd's.

Lord Beaverbrook

The Council of Lloyd's welcomed the report and accepted, on the day of publication, the changes recommended in the composition of the council; these have since been implemented. This new council will oversee the implementation of the remainder of the report, for which Lloyd's have since drawn up detailed plans.

The chairman of the council of Lloyd's, with whom the Secretary of State for Trade and Industry has had discussions on these matters, has recently sent him a memorandum setting out the council's approach to, and proposed timetable for, implementation. I have placed this memorandum in the Library.

For their part, the Government accept the recommendation that Lloyd's should be exempted from the Rehabilitation of Offenders Act 1974 in a similar way to other institutions, to enable them to seek information about spent convictions, and they are discussing the details with Lloyd's.

Lloyd's have so far shown determination to act promptly and have made some progress. The Secretary of State will expect this progress to continue so that the substance of the report will be implemented speedily, as planned, over the next two years. The Government believe that full and complete implementation of the report should provide Names with protection broadly comparable to that to be given to investors under the Financial Services Act. The Secretary of State will continue to follow most carefully progress in this important matter and to keep the House informed.