Lloyd's has said it is simplifying the broker registration process.
The changes, which concentrate on eliminating the duplication between Lloyd's and the FSA, will halve the time it takes for a broker to do business at Lloyd's.
From now on, those brokers that have received approval from the FSA or equivalent overseas regulator will no longer need to submit a separate business plan to Lloyd's for approval.
In addition, the market will no longer set its own capital requirements for the brokers it trades with and annual questionnaires are being dropped.
Finally, provisional brokers no longer have to reapply to Lloyd's after three years before becoming fully accredited, and it will be easier for subsidiaries of international broking firms to become Lloyd's brokers in their own right.
