"Do Lloyd's TCF Rules Harm US Coverholders?" Global Reinsurance July 23, 2014
“Regulation of the UK financial sector, including banking, securities, and insurance, has tightened in recent years,” write Frederick J. Pomerantz and Aaron J. Aisen, attorneys in Goldberg Segalla’s Global Insurance Services Practice Group. “As a result, these firms must now comply with the FCA’s Treat Customers Fairly rules (TCF rules) and, among them, prove to government auditors that they treat customers fairly.”
In this article written for Global Reinsurance, Fred and Aaron explore the impact of the TCF rules on Lloyd’s syndicates and their managing agents and coverholders, along with the question of whether the added administrative burdens that the TCF rules impose place Lloyd’s coverholders abroad at a competitive disadvantage.
“While the impact of the TCF rules on the foreign-based Lloyd’s coverholders has met with, and may continue to meet with, resistance in some quarters,” the authors write, “it is unlikely that the minor added burdens and cost will give rise to a full-scale American revolution against the valuable Lloyd’s brand.”
Read the article here:
- Frederick J. Pomerantz and Aaron J. Aisen, “Do Lloyd's TCF Rules Harm US Coverholders?” Global Reinsurance, July 23, 2014