Brokers warned of client money risks
BDO Stoy Hayward LLP has warned all regulated insurance intermediaries holding monies on behalf of clients to take all necessary steps to ensure that money they deposit with banks on behalf of their clients is safe if the bank were to fail.
Under the Financial Services Authority’s (FSA) Principle 10, all regulated firms must arrange adequate protection for client assets when it is responsible for them.
Fiona Raistrick, head of the financial services regulatory practice, at BDO Stoy Hayward says: “In these uncertain economic times, FSA regulated firms, such as insurance intermediaries, will have a lot to worry about, however, the holding of client monies should not be allowed to slip down the agenda and be forgotten about.
“If a
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