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.
- Ex-Das CEO Paul Asplin stands trial for fraud
- SSP confirms system disruption in texts to brokers
- Ex-AA boss Bob Mackenzie seeking up to £225m in damages
- Insurtech start-up Konsileo secures £2.7m in funding
- Axa partners with Gresham in £20m deal
- Das v Asplin: Prosecution outlines arguments on fraud charges
- InsurTech Futures: PwC and Early Metrics launch programme to scale start-ups