Client money
Brokers welcome decision to abandon ‘unworkable’ client money rules
The financial services watchdog has abandoned a set of “almost unworkable” policy changes to how intermediaries handle client money.
Insurers voice concerns over FCA transparency proposals
The Financial Conduct Authority has published a policy statement which outlines rules to increase engagement at renewal in the general insurance markets, but insurers are worried their positions will be undermined.
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.
Two brokers in firing line as FCA issues warnings
Two broking bosses have been given warning notices by the Financial Conduct Authority relating to management issues and client money handling.
Ambant tackles client monies trapped in brokers' loss funds
Ambant has launched a loss fund service, which aims to tackle millions of pounds sitting unproductively in unreconciled, lost, forgotten or inaccessible loss funds held by brokers and third party claims administrators.
Brokers appeal to Emirates regulator over payments decision
The brokering community is believed to have approached the Emirates Insurance Authority for a reappraisal of its recent decision on how premium payments are collected.
Biba 2011: CEO Galbraith outlines need for client money solution
In his opening address at the British Insurance Brokers' Association 2011 Conference in Manchester, CEO Eric Galbraith, called on HM Treasury and the new Financial Conduct Authority to work together towards delivering the right regulation for insurance…
Ceiops advises on the revision of the Insurance Mediation directive
Ceiops has submitted to the European Commission its advice on the revision of the Insurance Mediation Directive, the original version of which resulted in the regulation of UK brokers by the Financial Services Authority.
Ceiops advises on the revision of the Insurance Mediation directive
Ceiops has submitted to the European Commission its advice on the revision of the Insurance Mediation Directive, the original version of which resulted in the regulation of UK brokers by the Financial Services Authority.
Coverholders - Client money: Keeping it separate
Proper segregation of client money is a burning issue at the Financial Services Authority. Ben Hobby looks at what coverholders and their underwriters can do to make sure a clients' money is held correctly.
Law firms divided over FSA broker action
Eversheds and Beachcroft have responded to the FSA’s record £150 000 fine and ban on five insurance brokers, announced earlier today.
FSA bans five brokers, hands out £150 000 fine
The Financial Services Authority has banned five individuals for failings in relation to insurance fraud. It has also imposed one of its largest ever fines of £150 000 for insurance fraud on one of these individuals and £50 000 on another.
Former Lloyd's broker sentenced to 3½ year jail term in fraud case
A former Besso broker has been jailed for three-and-a-half years after siphoning close to £1m of client money, according to reports.
Irish regulator spells out stance on client premiums
The Financial Regulator in Ireland has published the findings of an examination of compliance by insurance intermediaries, with the rules governing the handling of client premiums and the operation of client premium accounts.
Money handling warning
UK brokers must tighten up client money procedures according to insurance industry accountant and consultant Moore Stephens.
FSA takes action against two brokers over client money failings
The Financial Services Authority has today taken action against two insurance brokers - Delwyn Way of Shield Insurance Consultancy and Adrian Shillaker of Griffiths McAlister Insurance Brokers - for failing to adequately protect client’s money and assets.