Starting to feel the heat
General insurance intermediaries who put their clients' assets at risk are under increasing scrutiny from the Financial Services Authority. Paul Lang investigates
The Financial Services Authority (FSA) has identified signs of widespread accounting irregularities by authorised firms in the handling of client monies, and has begun a wider review of the problem.
During the first half of this year, the FSA's Wholesale Business Unit uncovered a catalogue of errors from a sample review of 30 or so intermediary firms. It found "significant issues", including: deficits in client money accounts; problems with calculations such as failure to identify third party
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