Introduction to the role
The Lloyd's Market Association (LMA) has a vacancy within its Legal and Regulatory team, reporting to the Head of Regulatory Affairs, which will encompass all aspects of regulatory and compliance support to the market, including managing several committees alongside the rest of the legal and regulatory team.
The role has become available due to the forthcoming retirement of the current Head of Regulatory Affairs.
The team bring regulatory developments in the UK and overseas, relating to the Lloyd's market, to the attention of members for discussion, providing guidance on regulatory developments and issues.
This unique position provides scope to work with the Legal Director on financial crime and sanctions issues as they emerge.
The role will involve liaison with Lloyd's, the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and other regulators and bodies as necessary, alongside liaison with LMA members and other teams within the LMA. All aspects of regulation including financial crime, conduct risk and data protection are within the scope of the team.
You will bring your expertise to bear on a wide range of important market issues, bringing about tangible change via the LMA's influence. Holding responsibility for horizon scanning and preparing responses to consultations impacting members with respect to regulation, alongside internal governance including, in particular, competition law.
In 2023, the team responded to 23 consultations, discussion papers and calls for evidence on a range of issues including diversity and inclusion (both FCA and PRA), Senior Managers and Certification Regime (PRA and HMT), enforcement (PRA), the Arbitration Act (Law Commission) future regulatory review consultations and a several FCA conduct-related consultations, including multi-occupancy buildings insurance and dealing with consumers in financial difficulty.
2024 responses include regulatory fees and levies and FCA enforcement consultation.
There will be opportunity to represent the market to regulators during policy making, whilst meeting and gaining an overview of the whole of the Lloyd's market, including the EU market.
Recent LMA initiatives include publishing market clauses to deal with the Russian oil price cap sanctions and from a regulatory perspective, responding to the FCA Fair Value requirements and the new Consumer Duty, resulting in changes to the regulator's application of their rules to the market.
Job Purpose
Regulatory support for members and also support for the LMA itself.
Key Accountabilities
- Acting as secretary to the following groups: Financial Crime and international regulatory working groups of the Regulatory Committee, data protection working group, and governance and Lloyd's Insurance Company (LIC) forums.
- Leading a selection of committees, working groups and forums. The LMA's committees and forums are at the centre of what we do. From a regulatory perspective, in addition to the main LMA (bi) monthly Regulatory and Conduct committees, we have financial crime and international regulatory workstreams, as well as quarterly forums and groups. We also facilitate regular liaison meetings with the PRA and FCA.
- Generally, actions from committees are taken by members or stakeholders. The LMA acts as facilitator, but often it will require the LMA to draft initial responses/outputs based on discussions.
- Horizon scanning and coordinating responses to consultations, including liaising with the IUA, ABI, LIIBA and Lloyd's of London.
- The balance of role will be approximately 50/50 committee, member engagement and working group related versus horizon scanning and responding to consultations. This will depend on workloads and amount of output from regulators and government agencies.
- All aspects of internal regulatory compliance, in particular competition law and data protection.
- Our data protection working group brings together the LMA, the International Underwriting Association, the London & International Insurance Brokers' Association and their members to address market data protection issues. The working group has reviewed and updated the market's Core Uses Information Notice, hosted as an interactive portal on the London Market Group's website. The working group reviewed the data protection aspects.
- Liaison with the PRA and FCA. Informing and or assisting members with responses to initiatives from the regulators. In addition to UK regulation you will be reviewing and responding to EU and IAIS publications.
- Responsible for oversight of the NextGen Regulatory and Legal Committees, which are mainly run by our legal trainees.
General skills/Qualities
- The individual will be joining a small team which is responsible for all aspects of legal and regulatory matters impacting the LMA and its members. They should enjoy dealing with a varied workload as part of that team, and be prepared to turn their hand to matters they have not dealt with before.
- Efficient and organised in running committees and taking minutes, alongside ensuring agenda and responses to consultations are tracked and sent out in a timely manner.
- Enjoys external engagement, the role involves meeting members and assessing their requirements; then communicating these appropriately, often with senior leaders of regulatory bodies.
- Willing to help junior members within the team, particularly those completing our Legal Trainee Wordings Scheme.
- Versatile and inquisitive about the regulatory environment.
- Good drafting skills.
Experience
- Demonstrable relevant regulatory experience, ideally gained in an insurance company or Lloyd's syndicate/Managing Agent or an organisation dealing with such.
- General technical knowledge in the areas of data protection, financial crime and/or PRA/solvency regulation would be highly beneficial.
- Company Secretarial experience would be advantageous, however not a prerequisite