FCA Says Brokers Failing On Client Funds Arrangements
By Irene Madongo (June 14, 2022, 3:11 PM BST) -- Some insurance intermediaries, such as brokers, are unable to properly oversee client money arrangements and lack proper plans to ensure an orderly wind down in the event of collapse, the City watchdog warned.
The Financial Conduct Authority had found the general insurance intermediaries industry has significant risks of potential harm that the industry and individual companies need to address, according to a letter it sent to boards of directors of intermediaries published Monday.
Among the key risks highlighted are concerns around clients' assets and winding down. The watchdog said it requires companies that hold customers' assets to adhere to its rulebook —...
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