Recent regulatory chaos has put Lloyd's in a precarious position, says Elliot Lane

Who is regulating Lloyd's at this moment? It's not the FSA. A state of inertia has descended on Canary Wharf, with the FSA bogged down in life and pensions issues.

Lloyd's is very much on the backburner - leaving a huge question mark over who is policing the market on a day-to-day basis.

The Lloyd's Market Board met last month, but the minutes of the meeting may not be the most riveting of reads.

It was a short, curt affair with the debate hinging on where is the franchise performance director and where is the franchise board?

Good questions. No one knows. Consensus is that Lloyd's missed the boat in June when it could, and should, have appointed the director and the board.

Failing to grab the proverbial bull by the horns has left the whole future of the franchise board in a precarious position.

Regulating Lloyd's is a loveless task and the present management has no stomach for it.

Interestingly no date has been set for the next market board meeting.

Incoming Lloyd's chairman Lord Levene will be asked an important question when he takes over from Sax Riley. How is he going to sort out this mess?