On Feb. 28, UK Lloyds requested data for annual UK FSCS reporting.
UK Lloyds informed members and managing agents of procedure and timetable for the collection of information in connection with UK FSCS reporting, as at Dec. 31, 2023.
Follows UK Lloyds Feb. 2023 data for annual UK FSCS reporting, see #168276.
Background
In connection with UK FCA and UK PRA rules relating to calculation of contributions to the UK FSCS retail pool, UK Lloyd’s is required to provide them with an annual report.
This is sent to UK FCA and UK PRA with information relating to all of the premiums and liabilities in respect of relevant retail business, as defined under the UK FSCS scheme.
Definitions
Using definitions in UK PRA handbook, the business which UK Lloyd’s needs to report against involves gross written premiums for year preceding that in which the date falls.
It applies to protected contracts with eligible claimants, using best estimate liabilities.
Managing Agents
Managing agents are required to submit data in respect of relevant business for each managed syndicate at Dec. 31, 2022 to UK Lloyd’s by completing a required template.
This is to enable UK Lloyd’s to submit aggregate level numbers to UK FCA and UK PRA by May 31, 2024 and each agent must submit a signed return, even if it is nil return.
The CFO or another director of the agent must confirm information submitted has been prepared in accordance with instructions, and must complete the sign-off to this effect.
Effectiveness
Template must be completed and returned by May 3, 2024, even if a nil return.
