One Call fine “a shot across the bow”
Brokers have reacted to the huge penalty and renewal restriction that the FCA placed on One Call following client money mistakes.
The fine totalling more than £1m and £4.6m renewal hit on One Call has been described as a shot across the bow from the Financial Conduct Authority (FCA).
The organisation and its CEO John Radford were fined by the watchdog and restricted from renewals for 121 days after mistakes with the management of client money were revealed.
Andy Jenkins, operations director, Russell Scanlan Insurance Brokers, commented that the penalties were “a shot across the bow” from the regulator warning brokers to
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