Society of Lloyd's
| Website | http://www.lloyds.com |
| Tribunal rules | Lloyd's Act 1982, and Sch 2 to Lloyd’s Byelaw No 31 of 1996 |
| Code of Standards, etc | Various codes of practice |
| Grounds for disciplinary proceedings |
Contravention of Lloyd's Acts, byelaws,
regulations or directions Contravention or failure to observe the Core Principles Failure to take reasonable steps in connection with the business of insurance to avoid risk of harm to Lloyd's policyholders, the Society, its members or those doing business at Lloyd’s Engaging in or being associated with any discreditable conduct, whether or not connected with the business of insurance |
| Powers of administrative suspension? | Yes |
| Settlement/conciliation procedures available? | Yes, but after proceedings have commenced, before the Disciplinary Board or Tribunal |
| Who investigates? | The Market Supervisory and Reporting Committee directs and authorises the institution of disciplinary proceedings (which are conducted by Lloyd’s executive). |
| Power of entry/search and seizure? | Duty to afford investigators all reasonable facilities in inspecting and copying documents etc. |
| Power to demand information? | Yes |
| Pre-trial hearing? |
Power of subpoena s 7(4) of
Lloyd's Act 1982 in both disciplinary
proceedings and appeals therefrom Yes |
| Discovery of documents? | Yes |
| Pleadings? | Yes |
| Tribunal | The Lloyd’s Disciplinary Board and Tribunal |
| Address |
The Secretary to the Disciplinary
Tribunal Lloyd’s 1 Lime Street London EC3M 7HA |
| Legally qualified chairman? | Yes |
| Tribunal includes lay element? | Yes – working and non-working members of Lloyd's |
| Tribunal has legal assessor/clerk? | No |
| Evidence heard on oath? | Yes (Lloyd's Act 1982, s 7(4)(a)) |
| Prosecution conducted in name of | The Council of Lloyd's |
| Prosecution usually conducted by | Lloyd’s Legal & Compliance with external counsel |
| Judicial rules of evidence apply? | No, Tribunal free to determine their own procedures subject to Schedule 2, Disciplinary Committees Byelaw No 31/96 |
| Standard of proof | Expressed as civil in the byelaws, but the tribunal requires a higher standard of probability in cases involving allegations of dishonesty |
| Maximum fine | No |
| Costs against prosecutor? | Yes |
| Power to order compensation? | Yes, via restitution proceedings. An arbitration scheme exists independently of disciplinary proceedings |
| Proceedings open to public? | At defendant’s request |
| Reasons given for decisions? | At request of either party |
| Where are decisions reported? | Yes, see website. Notices of censure posted in the Room. |
| Alternative to full disciplinary proceedings? | Yes, summary and fixed penalty proceedings undertaken (Misconduct and Penalties Byelaw No 30/96) |
| Ombudsman | The Lloyd's Members' Ombudsman |
| Address | c/o Society of Lloyd's |
| Powers and duties | Deals with complaints from members or former members of injustice relating to alleged maladministration |
| Appellate tribunal | Appeal Tribunal |
| Is right of appeal limited? | No appeal from fixed penalty or settlements, nor without leave, findings in default of a defence. |
| Costs against prosecutor? | Yes |
| Right of appeal by prosecutor? | No |
Categories: Examples of disciplinary codes