Core Principles Byelaw (no. 34/96) requires honesty, transparency and integrity from managing and members’ agents. The agencies are also subject to the FSA’s Principles of Business that correlate closely with Lloyd’s Core Principles. The board of a managing or members’ agent must ensure that the business is accountable to the FSA and follows the Lloyd’s Core Principles. Principle 9 emphasises the need for adequate management controls. The Lloyd’s Code for Sound and Prudent Management requires that each agent is directed and managed by a sufficient number of persons who are fit and proper for the positions they hold. Sound and prudent management embraces direction and management; staffing; supervision and accountability; and compliance.