565.It is not proposed that Lloyd’s should be subject to full regulation by the Authority at the outset.  Certain regulatory functions will be left with the Council.  However, the Authority will at any time be able to take a greater degree of direct responsibility for regulation if it considers it appropriate and this section, therefore, places a duty on the Authority to keep matters under review.
Commentary on Sections Part Xix: Lloyd’s Section 314: Authority’s general duty