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The School for Scandals

In: Delusions of Competence

Author

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  • Robin Pearson

    (University of Hull)

Abstract

Even before the Lloyd’s Act of 1982 came into effect, several new scandals emerged, which were more substantial than anything hitherto experienced. These not only involved outright fraudulent activity, but also reckless underwriting, incompetent management and an absence of central systems at Lloyd’s to monitor the risks taken by underwriters in the market. One major development was the growing number of Lloyd’s members, all with unlimited liability, who fell victim to the frauds and suffered from devastating losses of their syndicates. Such members increasingly combined to launch group action law suits against both their syndicate managers and underwriters and against the Council of Lloyds. The scandals increased the pressure on legislators to question Lloyd’s competence to regulate itself. The Conservative government, however, continued to support the principle of self-governance and Lloyd’s remained outside the new regulatory authority introduced by the Financial Services Act of 1986.

Suggested Citation

  • Robin Pearson, 2022. "The School for Scandals," Palgrave Studies in Economic History, in: Delusions of Competence, chapter 0, pages 49-71, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-030-94088-1_6
    DOI: 10.1007/978-3-030-94088-1_6
    as

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