“The wholesale insurance market in particular has a long way to go in having an inclusive culture … areas for improvement include … preventing and handling non-financial misconduct,”1 stated the Financial Conduct Authority (FCA) last autumn. This message was reinforced by action this week as the FCA issued a compelled information requirement to all regulated Lloyd’s Managing Agents, London Market Insurers, and Lloyd’s and London Market Insurance Intermediaries regarding incidents of non-financial misconduct, stating that the regulator “may use the outcomes of this work to inform any broader learning and best practice”2 for the industry.
