FSA ruling may trigger reissue of TOBAs
Insurers may have to reissue terms-of-business agreements following the Financial Service Authority'...
Insurers may have to reissue terms-of-business agreements following the Financial Service Authority's decision to allow brokers to permanently commingle risk-transferred money with client money.
The FSA has announced it will amend Chapter 5 of the Client Assets sourcebook.
As a result, where an insurer agrees to commingle, it must confirm its agreement to subordinate its interests to the interests of the intermediary's customers.
The FSA has given intermediaries until 14 July 2005 to secure the
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