The misallocation of £15m of client money by Towergate has revealed a failure of systems and controls at the company, according to compliance experts.
Terence Clark , head of compliance at RWA, said: “The client money process is not difficult – after nine years firms should be getting it right.
“In this day and age, it’s pretty unforgiveable to get it wrong.”
Clark stated: “Client money is, always has been and always will be a primary focus of the regulator.”
And he added that if firms get their
The Insurance Age team unpick the most recent and most popular stories.Subscribe to our daily newsletter for all the latest news
- FSCS set to compensate Alpha Insurance latent defect insurance policyholders
- Zurich cuts scheme contract with Fleet UK
- THB pledges support for Fleet UK
- Brightside hires new MD of broking as Russell Bence exits
- Ardonagh shutters Swinton's advised commercial business
- Latest Ogden rate change will cost the industry over £160m
- Allianz appoints branch leaders