Management - How to... save money and reduce your FSA risk
Mike Cranny offers a step-by-step guide on how to surrender client money permission.
If I were an insurance broker I wouldn’t hold client money – it is too risky and confers no benefit. I would hold all premiums as insurer money and account to them rather than the FSA for its security.
Because of an ongoing mess caused in the main by insurers, general insurance brokers were given risk transfer six years ago, yet forced to treat the premiums as if they still belonged to the client. This was because insurers produced muddled terms of business agreement (TOBAs) that insisted you
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