FCA pinpoints good and poor practices for orderly broker wind-downs
The Financial Conduct Authority has listed broker failings as it reiterated expectations and requirements for wind-down planning.
During the response to the Covid-19 pandemic the FCA found inconsistencies in approaches to assessing adequate liquidity for orderly wind-down and so reviewed a sample of 10 general insurance brokers in the first half of 2022.
The watchdog previously wrote a ‘Dear CEO’ letter to brokers on 25 May raising client assets and orderly wind-down as an area of concern.
It also highlighted reducing harm from firm failure among its priorities in its three year strategy and its Business Plan for 2022/23
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