Part XIX Lloyd’s
Power to apply Act to Lloyd’s underwriting
I1318 Exercise of powers through Council.
1
F2A regulator may give a direction under this subsection to the Council or to the Society (acting through the Council) or to both.
2
A direction under subsection (1) is one given to the body concerned—
a
in relation to the exercise of its powers generally with a view to achieving, or in support of, a specified objective; or
b
in relation to the exercise of a specified power which it has, whether in a specified manner or with a view to achieving, or in support of, a specified objective.
3
“Specified” means specified in the direction.
F13A
A direction under subsection (1)—
a
may be given by the FCA only if it considers that giving the direction is necessary or expedient for the purpose of advancing one or more of its operational objectives, and
b
may be given by the PRA only if it considers that giving the direction is necessary or expedient for the purpose of advancing its general objective or (if section 2C applies) the insurance objective.
4
A direction under subsection (1) may be given—
a
instead of giving a direction under section 316(1); or
b
if F3the regulator concerned considers it necessary or expedient to do so, at the same time as, or following, the giving of such a direction.
5
A direction may also be given under subsection (1) in respect of underwriting agents as if they were among the persons mentioned in section 316(1).
6
A direction under this section—
a
does not, at any time, prevent the exercise by F4a regulator of any of its powers;
b
must be in writing.
7
8
F7A regulator who gives a direction under subsection (1) may charge a reasonable fee for providing a person with a copy of the direction.