Written binding authority agreements - an FSA debacle
I write in response to the published letter (PB, June 2004) from JG Searle. While agreeing wholehear...
I write in response to the published letter (PB, June 2004) from JG Searle. While agreeing wholeheartedly with Mr Searle's sentiments, I think he slightly misunderstands the current position.
Where a firm has written authority from carriers to bind them, the Financial Services Authority prudential requirements sourcebook, Annexe C, CASS 5.2.1G, 5.2.2G and 5.2.3R applies.
This states that, under such agreements, monies paid to the underwriting agent are considered by the FSA to fall under the 'risk
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