Client money
Brokers urged to take action on client money handling after One Call's FCA fine
Firm also faces £4.6m hit as it suffers first known renewal fees suspension.
Editor's letter - September 2016
“Brokers need to avoid being complacent and must continue to focus on the crucial area of client money compliance”
End to uncertainty over client money
Regulator cancels its review of client money rules, but brokers warned not to be complacent
Biba welcomes cancellation of client money review
Decision on CASS 5 means rules for brokers around client money will remain the same.
FCA bans and fines Astbury Wren chief exec over "severe failings"
David Wren used over £600,000 in premiums for the firm's own use.
Watchdog undertaking small broker client money review
FCA is looking into arrangements of smaller brokers ahead of publishing revised client money rules.
Goldwin joins PKF Littlejohn as insurance partner
New arrival is seventh insurance partner at firm.
FCA holding fire over Towergate misallocation
Regulator says it cannot prevent every incident before it happens.
Editor’s letter - December 2013
“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”
KPMG was Towergate auditor when client money misallocation took place
Broker has stated that misallocation will have no impact on clients, partners or earnings.
More questions than answers for Towergate
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.
Brokers question Towergate's client money misallocation timespan
Consolidator's bondholder report flagged concerns that took place during a four-year period until 2011.
Towergate client money issues "unforgivable"
Compliance experts deem long term misallocation of money "worrying".
Hodges insists £15m misallocation has been "immediately rectifed"
Bondholder report reveals that £15m was misallocated between November 2007 and January 2011.
Towergate admits to misallocating £15m of client money
Consolidator notified Financial Conduct Authority.
Profits drop at Towergate
Broker sees GWP rise but profits fall for the first nine months of the year.
Sagicor Underwriting refutes client money concerns
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.
The problems with money
Brokers need to be prepared for the forthcoming changes to insurance money rules. David Roberts outlines four areas the industry should be focusing on
Brokers warned over client money changes
Moore Stephens has warned that the Financial Services Authority’s (FSA) proposed new rules on client money could cost brokers more time and money.
Regulator focuses on broker accounts
FSA’s consultation on client money rules highlights issues for brokers
Broker Network member fined and banned for fraud
A former Broker Network member has been banned and fined by the Financial Services Authority (FSA) for committing insurance fraud.
Products: How to… make affinity changes work
If you get your affinity programme wrong, you create a customer who feels alienated and a return on investment that falls way below expectations. To work there has to be an open and honest dialogue.
Legal - Client money: the FSA belatedly bares its teeth
The moribund Financial Services Authority has been busy enforcing client money regulations, issuing large fines. Brokers are advised to keep their houses well in order, writes Mathew Rutter.