FCA fines show firms cannot take their eyes off the ball.
Regulator’s annual total falls from £229.5m in 2017.
John Radford’s £468,600 fine also confirmed.
Ida Axling and Siân Barton discuss the week's top five most read stories.
If you can’t, won’t or don’t play by the rules expect to see money fly out of your wallet, writes Siân Barton
Firm also faces £4.6m hit as it suffers first known renewal fees suspension.
“Brokers need to avoid being complacent and must continue to focus on the crucial area of client money compliance”
Regulator cancels its review of client money rules, but brokers warned not to be complacent
Decision on CASS 5 means rules for brokers around client money will remain the same.
David Wren used over £600,000 in premiums for the firm's own use.
FCA is looking into arrangements of smaller brokers ahead of publishing revised client money rules.
New arrival is seventh insurance partner at firm.
Regulator says it cannot prevent every incident before it happens.
“On Insurance Age we have been writing about the risks around client money for more years than I wish to remember, as has the regulator”
Broker has stated that misallocation will have no impact on clients, partners or earnings.
In the grand scheme of results, a company's Q3 figures rarely compete with the detail and interest thrown up by its full or half-year numbers.
Consolidator's bondholder report flagged concerns that took place during a four-year period until 2011.
Compliance experts deem long term misallocation of money "worrying".
Bondholder report reveals that £15m was misallocated between November 2007 and January 2011.
Consolidator notified Financial Conduct Authority.
Broker sees GWP rise but profits fall for the first nine months of the year.
Sagicor Underwriting (SU) has moved to allay concerns that it does not have client money permission after it accidentally cancelled its agencies with scores of brokers.
Brokers need to be prepared for the forthcoming changes to insurance money rules. David Roberts outlines four areas the industry should be focusing on
Moore Stephens has warned that the Financial Services Authority’s (FSA) proposed new rules on client money could cost brokers more time and money.