Compliance experts have told Insurance Age that the rules surrounding client money handling are difficult to grasp, following the Financial Conduct Authority’s (FCA) ‘Dear CEO’ letter, in which it reminded intermediaries that fines would be issued for misconduct.
The letter, signed by Matt Brewis, director of insurance and conduct specialists, highlighted than more than half of firms were not undertaking client money calculations correctly.
Culpability
David Sparkes, head of compliance and
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