Brokers warned over client money changes
Moore Stephens has warned that the Financial Services Authority’s (FSA) proposed new rules on client money could cost brokers more time and money.
The FSA's consultation paper - CP12/20 - Review of the client money rules for insurance intermediaries - proposes changes to the client assets (CASS) rules to ensure that clients' monies are protected in the event of a firm's failure. And the accountant and insurance consultant firm has urged brokers to respond to this consultation.
Stuart Markley, a partner with the Moore Stephens insurance team, said: "It is fair to say that the FSA has never been entirely comfortable with the way insurance
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