
Insurance intermediaries fail to keep track of customers’ money, according to the FSA
Common problems identified through the pilot studies included failure by firms to: perform a client money calculation or of doing so incorrectly, keep track of money held at third parties, observe trust law and thereby potentially jeopardise trust account status, inform customers of how their money is being handled.
On the basis of the findings, a number of firms have already been referred to enforcement for potential breaches of client money rules and inability or unwillingness to take
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