PRACTICES AT LLOYD'S

EDM number 659 in 1991-92, proposed by Brian Sedgemore on 12/02/1992.

That this House notes with alarm that Mr David Coleridge, the Chairman of Lloyd's, who reputedly earns ú800,000 plus profits, was accused at a meeting with Tory honourable Members of not being on the side of the primacy of the interests of the Names at Lloyd's; notes that Tory honourable Members are meeting the Minister of State at the Department of Trade and Industry to present an indictment of Lloyd's which concludes with the rhetorical question 'Is there not a structural rottenness over the conflicts of interests of the regulators within Lloyd's which can only be met by outside regulation under the Financial Services Act?'; notes allegations that 153 underwriters each took over ú100,000 in fixed salary from their syndicates and that Brian Smith of syndicate 45 had a personal underwriting result of ú213,422 for 1988 when the average external member had a substantial loss and 6,000 mostly external members have had calls from Lloyd's of over ú90,000; notes allegations that 'Time Bomb Terry' Green of 321 who paid himself ú353,220 in 1990 is having to call in ú26 million in advance against 1989 and 1990 years after stating in his last report and accounts that these years would be free of loss; and wonders if Lloyd's should arrange a pooling of the LMX losses dumped on external members.

This motion has been signed by a total of 29 MPs.