Regulatory green light to commingling of funds
Brokers have welcomed the Financial Services Authority decision to allow the commingling of insurer ...
Brokers have welcomed the Financial Services Authority decision to allow the commingling of insurer and client funds to continue.
In the FSA's report, A guide for general insurance intermediaries, it said: "We now propose to amend the rules to permit a firm to hold in a client bank account, client money and money it holds as an agent of an insurer."
However, it added that, for this to apply, the insurer will have to give consent in writing and accept that its claim to such monies should be
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