Lloyd’s issues statement after investigation into allegations of non-financial misconduct at CFC

Lloyd’s of London has said it will take ”robust action where we see inappropriate behaviour in any form” following its CFC investigation.

Last week (29 November 2023), specialist insurance provider CFC announced the marketplace had been looking into allegations of non-financial misconduct at the company.

CFC said it acknowledged that there had been failings and was “taking a number of steps to strengthen its policies and procedures and further invest in its culture and people”.

When asked about the investigation, a spokesperson for Lloyd’s said the marketplace would ”continue to take robust action where we see inappropriate behaviour in any form”.

“While we wouldn’t comment on the specifics of the case, we’ve been clear Lloyd’s won’t tolerate unacceptable conduct in line with our oversight principle for culture,” they told Insurance Times.

“These actions are always undertaken with independent oversight and follow due process.

”We will continue to protect and improve the culture across our corporation and market, to support a thriving and growing marketplace where people want to come and work.”

Changes

Following the completion on the investigation, CFC also announced a series of management changes.

This includes group chief executive David Walsh leaving in January 2024, while Graeme Newman will step down as the top boss of CFC Underwriting in April 2024.

It was also revealed that Walsh will be succeeded by Louise O’Shea, while Andy Holmes will be promoted to take up Newman’s position.

As part of the changes, CFC will also be appointing a new chief people officer.