The FCA has issued a ‘Dear CEO’ letter to General Insurance Intermediaries setting out its expectations for maintaining adequate arrangements that safeguard client money especially during the coronavirus (Covid-19) pandemic.
It reminds firms of their obligations to continue to oversee the CASS arrangements. It requires firms to discuss the contents of the letter with the board and agree what further action is necessary to help ensure adequate arrangements are in place, highlighting the following areas:
- application of client money rules to firm’s business model;
- governance and oversight;
- oversight of third parties, including due diligence;
- client money calculations and reconciliations;
- acknowledgement letters for all client money accounts.
You can find further information regarding client assets and coronavirus here.
Tax Year End Update
Doug McFarlane Suitability 2024, Pension, transfer, Update
Our report writing software has been fully updated on 6th April 2024 to accommodate changes to allowances, rates and reliefs for the 2024/25 tax year. Full details can be found below: Pensions Existing ‘Lifetime Allowance’ wording removed and replaced with new ‘Lump Sum Allowance (LSA)’ and ‘Lump Sum and Death Benefit Allowance (LSDBA)’ wording. In […]