Created by the Lloyd’s Act 1982, the Council manages and supervises the Lloyd’s market. It is the internal regulator of Lloyd’s subject to the overriding supervision of the FSA. The Council has six working, six external and six nominated members. The appointment of the nominated members has to be confirmed by the Governor of the Bank of England. Lloyd’s members select the remaining members. The Council makes decisions, issues resolutions, requirements, rules and byelaws, but now delegates a range of issues to the Lloyd’s Franchise Board.