LLOYD'S INQUIRY: IMPLEMENTATION OF RECOMMENDATIONS
asked Her Majesty's Government:
What further progress has been made by Lloyds in the implementation of the recommendations of the committee of inquiry into regulatory matters at Lloyds.
§ The Secretary of State for Trade and Industry (Lord Young of Graffham)
The Chairman of the Council of Lloyd's has recently submitted a memorandum recording the progress made to date. I have placed this memorandum in the Library. It shows that the Council of Lloyd's has now taken steps to implement 30 of the 70 recommendations in the committee's report which was published in January this year. The memorandum also demonstrates that Lloyd's is heavily engaged in a programme of consulation on282WA the remaining recommendations. As was the case when a report was last made to the House on this matter by my noble friend Lord Beaverbrook (8th April 1987, col. 1108), implementation of the substantial part of the committee of inquiry's recommendations should be completed by the middle of 1989.
I look to Lloyd's to maintain the momentum generated so far, and I shall continue to follow its progress closely and to keep the House informed.