Client money worries

Q. If my firm get a FSA themed visit, I am concerned we might have a problem with the money rules. I am not sure where to start, any suggestions?

Recently, many of the questions to this column have surrounded compliance with the money rules, so it is clearly an area of concern. Your question is very general but a check on the FSA website will show you that enforcement is starting to bite.

In particular, the FSA will come down hard on the principals of firms that fail to manage client money properly. No names mentioned but take a look at the FSA website and the levels of fines and the prohibition of directors, which effectively stops them

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FCA warns on Tempcover clone

The Financial Conduct Authority has issued a warning of fraudsters trying to scam people by pretending to be short-term car insurance specialist broker Tempcover including on TikTok.

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