What is the governing body responsible for managing Lloyd's?

The governing body responsible for managing Lloyd's is the Council of Lloyd's. This entity is tasked with overseeing the overall operation and strategic direction of Lloyd's, which is a unique insurance marketplace where members join together to insure risks. The Council comprises elected and appointed members who represent the interests of various stakeholders involved in the Lloyd's market.

The Council's responsibilities include setting the regulatory framework, developing policy, and maintaining the relationships with regulatory authorities. They also play a crucial role in ensuring that Lloyd's remains competitive and capable of effectively managing the risks placed in the market.

While other entities such as the Board of Directors and the Lloyd's Authority have important functions within the Lloyd's structure, it is the Council of Lloyd's that holds ultimate accountability for managing the organization and its strategic decisions.