FSA: no need to worry about customer risk transfer interest
Brokers do not need to worry about paying interest to retail customers when risk transfer is involve...
Brokers do not need to worry about paying interest to retail customers when risk transfer is involved, the Financial Services Authority (FSA) has said.
That was the message from the regulator after an angry Leeds broker contacted Insurance Age to complain that FSA officials had told him to change his Terms of Business Agreement (Toba).
Even though under risk transfer arrangements premiums paid to a broker immediately become the insurer's money, the Toba still needs to obtain a clients' 'informed
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