Broker falls into administration following inspection by FSA
BPS Insure, an independent general insurance broker with 11 UK branches and 20,000 policyholders, ha...
BPS Insure, an independent general insurance broker with 11 UK branches and 20,000 policyholders, has gone into administration after the Financial Services Authority found a 'deficiency' in their client money accounts.
The FSA conducted a client money visit at BPS Insure on 28 April and, the following day, the FSA froze the broker's bank accounts. On 5 May, the FSA issued an own initiative variation of permission, which stopped the company taking on new business. An FSA spokesperson said: "The
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