Toba parties
I have heard that the Financial Services Authority is doing some thematic work on client money. We put procedures in place in January 2005 when regulation came in and the rules have not changed, so do I need to do any more?
You are right: the Financial Services Authority has done some thematic work, mainly telephone-based, on client money.
As with most areas of regulation, it found a mixture of good and bad practice, in this case roughly two-thirds positive and one-third where some improvement was needed.
Below are some of the key areas for you to check with your compliance consultant or, where relevant, your accountant, to see how your firm measures up.
On risk transfer, the regulator found that a number of firms
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