Brokers ordered to review client money arrangements


The Financial Conduct Authority (FCA) has written a ‘Dear CEO’ letter to brokers, highlighting a series of issues around the management of client money.

The letter, from Matt Brewis, director of insurance and conduct specialists, stated that more than half of firms were not undertaking client money calculations correctly.

He wrote: “Over half the firms we assessed did not appear to have client money calculations that aligned with our rules and expectations. A client money calculation must be

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