Scotland client money trust issue causes delay

A new trust account for brokers that does not handle client money is being held up because of diffic...

A new trust account for brokers that does not handle client money is being held up because of difficulties with establishing it in Scotland, although something is still expected to be in place soon.

Steve White, regulation and compliance manager at the British Insurance Brokers' Association, (Biba) told Insurance Age that the new account is "now close" to being unveiled, although he would not be pinned down to a specific date. However, according to unofficial sources it will be unveiled by June.

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