Opinion: Ann Peel on staying compliant with client money rules
The trouble with client money: One Call’s fine has put the rules back in the spotlight and brokers should be ready for scrutiny, says Ann Peel
The recent cases against One Call Insurance Services and its chief executive have highlighted real and significant consequences for insurance intermediaries that do not follow the Financial Conduct Authority (FCA) client money rules.
In the FCA’s view, One Call had failed to handle client money appropriately in the past. Whilst the failures might have been the result of honest mistakes, it has to be said that firms have had ample opportunity to put in place the correct permissions, systems and
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