Lloyd's turns up heat on regulation

Lloyd's of London will toughen its disciplinary procedures and step up the monitoring of professionals in the market in response to sharp criticism of its self-regulatory performance, writes John Eisenhammer. "The real message is that we want to turn the heat up," David Gittings, director of regulatory services, said.

Sir Alan Hardcastle, chairman of Lloyd's regulatory board, said the tougher regime, meant finally to bring Lloyd's up to the mark of regulation elsewhere in the City, was expected to provoke consolidation among weaker operators in the market, and to oblige some professionals to drop out.