This, in conjunction with steps taken by the LMAA itself as a result of the act, ought to secure the position of London as the leading centre of maritime arbitration in the world. Despite the changes of the last twenty years, London has remained, by a clear margin, the pre-eminent centre of maritime arbitration in the world. In 1997 the number of appointments to full LMAA members amounted to 3,191, with 1,046 awards being published, up from 919 in 1996. In most of the cases dealt with in London, neither party will be UK resident. There is of course competition from abroad and centres such as New York, Paris, Beijing, Hamburg and Hong Kong are well-established.
Competition is good for the consumer, and so is diversity of choice.
As well as competition from abroad, there has also been criticism that maritime arbitration is not what it once was - that the simplicity of the process has been lost and that it has become more complex, slower and more expensive. There is a clear and unambiguous duty on all those involved in the arbitration process to get on with it quickly, efficiently, fairly and at a reasonable cost. The very first section of the 1996 act sets out the general principles on which it is founded, and according to which it is to be construed. It must also be just and proper for the court to intervene. An award may also be challenged where there has been a serious irregularity affecting the tribunal, the proceedings or the award.