 The First Reforms and Public ScrutinyRobin Pearson ()
Chapter Chapter 5 in Delusions of Competence, 2022, pp 41-48 from Palgrave Macmillan Abstract: Abstract The scandals of the late 1970s drew attention to several issues that dogged Lloyd’s through the following decade: the efficacy of its governance system, the problematic relationship between members, their underwriters and the managing agents of their syndicates, and the conflict of interest implicit in broking firms placing business with syndicates that they owned. The Fisher report into Lloyd’s governance structure made important recommendations, some of which became incorporated into the new Lloyd’s Act of 1982. These recommendations included divestment, forcing Lloyd’s brokers to sell off their underwriting interests, and the establishment of a new governing body for Lloyd’s, the Council, with wider representation of groups that were not market insiders. The Act was extensively debated by the British parliament, but most legislators continued to be convinced that, with the implementation of the reforms, Lloyd’s remained competent to govern itself. Keywords: Lloyd’s Act of 1982; Conflicts of Interest; Fisher Report; Divestment; Self-regulation (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palscp:978-3-030-94088-1_5 Ordering information: This item can be ordered from DOI: 10.1007/978-3-030-94088-1_5 Access Statistics for this chapter More chapters in Palgrave Studies in Economic History from Palgrave Macmillan |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.