BPS had client money deficit for several years

Collapsed broker BPS Insure had deficits in its client money accounts for 'several years' before the Financial Services Authority (FSA) uncovered them in April 2005, Insurance Age has learned.

It has also emerged that at the time of the FSA's discovery, BPS's client money account deficits were around £2m.

After the shortfalls were found by FSA officials, while making a thematic client money visit, administrators from Begbies Traynor were called in and the portfolio was sold to Towergate

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