FCA annual report reveals insolvent insurer and client money deficit
The Financial Conduct Authority has stopped 1300 small law firms renewing their professional indemnity cover with an insolvent insurer as well as correcting a £17m client money deficit in a medium-sized broker, according to its 2014/15 annual report.
The regulator detailed progress made in the general insurance sector in the document.
It worked with the Federal Financial Supervisory Authority to uncover the previously mentioned insolvent insurer
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