Resolving PMA conflicts
Brokers dealing with property management agents on a company secretary basis need to be aware of potential conflicts of interest
The Companies Act and Financial Services Authority rules permit a property management agent - as a company or an individual member of staff - to be a company secretary of a residential management company (RMC) or a property-owning company and conduct their business through the insured business as a customer. This is provided that all insurance activities are undertaken within the position of company secretary.
The FSA has indicated that, while this is permissible, there are potential conflicts of
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