Experts urge brokers to abide by the rules following Towergate's £2.6m fine
The FCA says it has previously issued warnings to the industry on the importance of complying with client money rules.
Compliance experts have highlighted the seriousness of the issue of client money failings in the broking sector, following the news that Towergate has been fined £2.6m by the Financial Conduct Authority (FCA).
"It's one of the key areas in terms of brokers' responsibility," said David Sparkes, head of compliance and training at the British Insurance Brokers' Association.
He added: "Certainly the Towergate fine just goes to reinforce the message to brokers that ensuring systems and controls
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