The Working Group reviewed actions, noting capacity pressures on KYC and onboarding processes arising from a high volume of new syndicates for 2026. Members received an update on the implementation of Lloyd’s byelaw restructuring, including plans for Council approval and ongoing user feedback. Discussion covered the 2026 capital setting process and use of the member modeller, highlighting areas of confusion and timing misalignments requiring further consideration. Lloyd’s provided an update on recent activity, including new entrants, auctions and custody arrangements. The Group agreed a set of priority areas for work in 2026, including byelaws, KYC efficiency, M&URs and capital onboarding processes.