FSA issues deadline over client-money rules
The Financial Services Authority has issued a deadline of 31 August to firms supervised by its whole...
The Financial Services Authority has issued a deadline of 31 August to firms supervised by its wholesale business unit to get to grips with client-money rules after recent visits found widespread failings.
In a letter to the chief executives of these firms, Julian Adams, head of the regulator's wholesale insurance department, expressed the FSA's "disappointment in finding a large number over failures in the systems and controls in this area."
While the FSA found rule breeches on a broad scale, in
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