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.
Ongoing client reviews – appropriate or not?
Alistair MacDougall Compliance FCA, Pension, PI, platform, Switch
FT Adviser published an article on 15 February under the headline “Advisers struggle to get savers to come for pension reviews”. We read this with interest and not a little concern. The article reported that one of the speakers at a recent conference stated that one of the greatest challenges faced by her advice […]