Sudden departure at Lloyd's
Tuesday 26 September 1995
Mrs Gilmore, 58, has been charged with revamping Lloyd's system of self- regulation. This has come in for strong criticism for failing to deal with the practices that helped push the market to the verge of collapse.
Mrs Gilmore's surprise departure reflects the fact that she has failed to make her mark with the new Lloyd's establishment, society insiders said. Hers will be the second recent senior executive departure from Lloyd's, following the earlier announcement that Heidi Hutter is to leave after completing the setting-up of the Equitas re-insurance business.
Mrs Gilmore came to Lloyd's in December 1994 with a formidable reputation as a high-flying civil servant, and was earlier this year one of the names widely tipped to take the job of deputy governor of the Bank of England after the sudden resignation of Rupert Pennant-Rea. But the regulatory job at Lloyd's appears to have been less satisfactory than initially expected, insiders said. The official reason given for Mrs Gilmore's departure is that, with her husband now retired, she wants to step down from a full- time executive role, and will be looking for some non-executive appointments. She is to stay on as a member of the Lloyd's Regulatory Board under Sir Alan Hardcastle.
David Gittings, currently director of the surveillance division of the Securities and Futures Authority, the City watchdog, is to join Lloyd's next month, and has been appointed director-designate of regulatory services.
Lloyd's status as a self-regulated market has come in for widespread criticism, reflecting general agreement that significant changes are required. The Treasury and Civil Service Committee earlier this year called for a full review, recommending that there should be an independent, external regulator for Lloyd's. Changes of this scale will require legislative revision of the 1982 Lloyd's Act, which is considered unlikely for the foreseeable future.
In an attempt to meet the criticism, Lloyd's has been working on finding ways of replicating as far as possible the idea of independent regulation within the current framework. Mrs Gilmore's review has concentrated on shifting de facto the power for regulation from the Lloyd's management council, where it lies under the Lloyd's Act, to the Regulatory Board.
The Treasury committee report, issued in May, said the massive losses sustained by the insurance market since the late Eighties were in part due to the society's inability to regulate itself, and condemned what it called the continued intimacy between the regulatory and management functions.
- 2 Moscow voted the world's unfriendliest city
- 3 The excuses your boss is most likely to believe when you call in sick
- 4 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 5 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
The one chart that shows how George Osborne is almost certainly going to be our next Prime Minister
The excuses your boss is most likely to believe when you call in sick
Bono's group has made more money from Facebook investment than from all his music
Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
Wikipedia rocked by 'rogue editors' blackmail scam targeting small businesses and celebrities
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don’t change Europe’s attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
Voluntary and unpaid, reasonable expenses reimbursable: Reach Volunteering: St...