FSA addresses broker fears over client money
The Financial Services Authority (FSA) high-street firms division has responded to broker fears over...
The Financial Services Authority (FSA) high-street firms division has responded to broker fears over the rules surrounding handling client money, indicating that, for many, automatic risk transfer will apply.
Speaking to brokers at a recent seminar, it said if an intermediary has the authority to issue cover on behalf of an insurer, then it must also, in the absence of evidence to the contrary, be able to accept premium for the insurer. If money is held as agent for the insurer, it need not be
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