Brokers on alert as FCA puts client money under the microscope

money

In a fresh dear CEO letter to brokers, interim CEO Christopher Woolard warns that the regulator is assessing firms’ arrangements and tells brokers it is imperative to safeguard the client money they hold for customers.

The Financial Conduct Authority (FCA) has called on brokers to make sure their client money arrangements are up to scratch.

In a dear CEO letter to brokers, FCA interim CEO Christopher Woolard outlined the areas that the regulator finds particularly important to maintaining adequate client money arrangements in the current environment.

He noted that following the impact of Covid-19 on businesses it is imperative for brokers to safeguard the client money they hold for customers.

Woolard

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Broking profits fall at Saga

Underlying profit before tax in Saga’s insurance broking arm fell to £39.8m for the year ended 31 January 2024, compared with £71.5m in the previous period.

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