Muddle over client-money accounts
The industry is still trying to resolve the issue of risk transfer and money accounts, despite terms...
The industry is still trying to resolve the issue of risk transfer and money accounts, despite terms-of-business agreements having already been agreed.
A letter from London-based law firm Reynolds Porter Chamberlain asked the Financial Services Authority what should happen where insurers have agreed to risk transfer on the proviso that the monies be held in a statutory or a non-statutory trust account compliant with the CASS 5 rules, but the intermediary is not holding any monies on behalf of its
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