FCA Tells Brokers To Ensure Clients' Cash Stays Safe In EU

Law360, London (October 2, 2020, 4:28 PM BST) -- The Financial Conduct Authority has told insurance brokers that hold their clients' money with third parties based in the European Union to ensure that this cash is not at risk as the end of the Brexit transition period draws nearer.

Christopher Woolard, interim chief executive at the City watchdog, told insurance intermediaries to ensure that their clients' money can be retrieved easily if it is being held with a third party based in the European Economic Area. Brokers might not be able to protect this money if the U.K. leaves the bloc without a Brexit deal before the transition period ends...

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