Lloyd’s Act 1871 incorporated Lloyd’s as a ‘Society and Corporation’ without distinguishing between the two. However, FSMA, s. 190, specifically makes the Society an authorised person enabling the FSA to make rules and take disciplinary action against it. The FSA can issue directions to members of the Society or (s.193) direct the Society, through its Council, to impose obligations on its members. The Society is often said to comprise those individuals and entities that are for the time being members of Lloyd’s plus the legal rights and all property that collectively belongs to them.