PRA, FCA and Society of Lloyd's announce streamlined authorisation process for managing agents
Following a successful pilot exercise in 2024, the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA), and the Society of Lloyd’s (Lloyd’s) have jointly announced changes to streamline the regulatory approval process for Lloyd’s managing agents. While the PRA and FCA will retain their statutory decision-making roles, they will make greater use of Lloyd’s assessment work. The regulators consider that increased concurrent decision-making will reduce authorisation timeframes to approximately six months, down from the previous 12-18 months, without compromising regulatory standards. This change is expected to support the growth and competitiveness of both Lloyd’s and the wider London insurance market. Further details on the revised entry process will be communicated to prospective new entrants through the usual channels.