BIBA slams press report
The British Insurance Brokers' Association has taken the unusual step of condemning a recent press r...
The British Insurance Brokers' Association has taken the unusual step of condemning a recent press report for what it called misleading criticism of the incoming regulator's commingling rules.
In a statement, BIBA said the Financial Services Authority rules recognise that accounting discrepancies do arise in the normal course of business between brokers and insurers. The suggestion, however, that client money shortfalls will be greater in a commingled client bank account is misleading.
It presumes
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