The PRA has announced that they have temporarily increased their supervision of Lloyd’s of London in relation to their whistleblowing processes. This results from the notification to the PRA by the Society of Lloyd’s in February 2019, that they had discovered that the dedicated telephone line for whistleblowers to make protected disclosures had not been operational since 1 October 2017, when a third party supplier contract ended.
As part of their remediation, Lloyd’s has agreed to comply with additional requireme nts relating to whistleblowing. The PRA was furthermore mindful that during the relevant period, Lloyd’s had had alternative channels available to whistleblowers. Nevertheless, the announcement is a timely reminder of the importance of reviewing the practical effectiveness of such internal processes and arrangements.