A look at the books
Q. We handle personal and some commercial. I am unsure which insurers give us risk transfer. Does this matter, as long as our client account is in the black?
The short answer to the question 'does it matter' is yes. Your application for authorisation by the Financial Services Authority was accepted on the basis that you had confirmed you would have all the processes in place by January of last year.
You have not mentioned the type of bank account. The FSA will expect you know precisely which firms give you risk transfer and which do not.
I hope you are performing your client money calculation every 25 business days, and keeping the evidence that you
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