Seb, how are they regulated, MGAs, in the UK?

I think the short answer is they're regulated in a pretty complicated fashion with various different layers around it.

So generally, we would expect, um, an MGA, um, to have various insurance distribution permissions to undertake its activities, such as dealing as agent or arranging deals in insurance, and that will require authorization from the FCA.

In addition, if a particular MGA is also acting on behalf of a Lloyd's syndicate, there's an additional activity that will require from the PRA.

So already you've got two regulators there, the FCA and PRA.

And finally, for acting in the Lloyd's market, you're also going to need permission from Lloyd's to undertake those activities as well.

So you have effectively a de facto third regulator coming on board too.

Seb, what are the regulatory requirements or the regulatory considerations which apply to MIPs and MGAs?