The UK’s Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA), and the Lloyd’s have agreed to streamline the regulatory approval process for Lloyd’s managing agents.  

The changes aim to reduce authorisation timeframes. 

The PRA and FCA will retain statutory decision-making roles but increase reliance on Lloyd’s assessment work, enabling “concurrent” decisions while maintaining “high standards” of entry.  

PRA Insurance Supervision Executive Director Gareth Truran said: ‘‘We’ve worked closely with the FCA and Lloyd’s to see how we can streamline our own processes and make as much use as possible of the review work that Lloyd’s undertakes.  

“The new approach will improve efficiency while maintaining high quality outcomes in the Lloyd’s market, and is aligned with our secondary objectives for competition, competitiveness and growth.” 

The changes, part of enhanced collaboration to improve oversight efficiency and reduce duplication, following a 2024 pilot in the Lloyd’s market.  

The revised process supports the PRA and FCA objectives to enhance regulatory efficiency and UK insurance market competitiveness. 

Lloyd’s chief of market oversight Caroline Sandeman-Allen said: “The Lloyd’s market is the preeminent hub for global risk, showcasing the best specialist insurance solutions to solve major and complex issues.  

“It’s therefore hugely important that we remove barriers to entry wherever possible, while of course maintaining our stringent high expectations.  

“Today’s announcement is a great example of what’s possible with close collaboration with our regulators and I look forward to the benefits for our market, and industry as a whole.  

In May 2025, the FCA disclosed plans to revise its insurance regulations.  

The authority intends to remove antiquated or redundant requirements from its rule book, which is in line with the broader strategy to refine the regulatory framework governing the insurance industry in the UK.