Biba urges FCA to step in as Lloyds moves to close undesignated client money accounts
The British Insurance Brokers’ Association has contacted the Financial Conduct Authority asking the regulator to intervene over Lloyds Bank’s move to close undesignated client money accounts for some members, Insurance Age can reveal.
One broker noted that Lloyds Bank had given them less than a month to decide between opening up to 10 individual designated client accounts and closing the undesignated client account or seeking alternative arrangements with another bank.
If they went ahead with the 10 accounts they had until mid-June to supply the documentation.
David Sparkes, head of compliance and training at Biba confirmed that “some members have been in contact” and that the trade body was “talking to the FCA about it”.
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