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UK regulator imposes new whistleblowing requirements on Lloyd's of London

The U.K.'s Prudential Regulation Authority has imposed new whistleblowing requirements on Lloyd's of London following a voluntary application from Lloyd's.

Lloyd's told the PRA and the Financial Conduct Authority on Feb. 15, 2019, that its only anonymous staff whistleblowing channel, a telephone service for the Corporation of Lloyd's — the market's central body — had not been operational since Oct. 1, 2017.

The PRA said Lloyd's had advance notice that the phone line would stop working but "failed to put in place a suitable alternative anonymous channel" until Feb. 25, 2019. The regulator noted, however, that other whistleblowing avenues were available for staff during the 16 months the telephone service was unavailable.

Lloyd's applied to the PRA about the new requirements Dec. 23, 2019.

Under the new requirements, Lloyd's will have to produce a whistleblowing report for each of the 2020, 2021 and 2022 calendar years. The report must include descriptions of all whistleblowing channels available to staff in the preceding year, and training given to staff and senior managers.

It will also have to provide the number of reports received through each of the channels, the details of staff surveys or third-party assurance reviews undertaken to verify that the channels remained in operation, and a copy of all reports to the audit committee in the preceding year on the effectiveness of the whistleblowing systems and controls.