Sagicor Underwriting refutes client money concerns
Sagicor Underwriting (SU) has moved to allay concerns that it does not have client money permission after it accidentally cancelled its agencies with scores of brokers.
The managing general agent (MGA) - part of Sagicor at Lloyd's - mistakenly terminated its relationship with brokers in the midst of an internal client money legal review which had identified a "potential issue".
Any broker which SU worked with that didn't have its own client money permission therefore had its agency cancelled with 30 days' notice.
However, SU now insists that following legal advice, there are "no issues" around its client money permissions with regards to trading and is now "re
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