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The First Reforms and Public Scrutiny

In: Delusions of Competence

Author

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  • Robin Pearson

    (University of Hull)

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.

Suggested Citation

  • Robin Pearson, 2022. "The First Reforms and Public Scrutiny," Palgrave Studies in Economic History, in: Delusions of Competence, chapter 0, pages 41-48, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-030-94088-1_5
    DOI: 10.1007/978-3-030-94088-1_5
    as

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