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.
FCA expectations in relation to remote or hybrid working
Alistair MacDougall Compliance Call Recording, COVID-19, FCA, PI, protected, protection, recording, Register, Senior Manager, training
The coronavirus (Covid-19) pandemic has resulted in many firms adopting remote working for some or all employees. Indeed, some of you reading this article right now might well be in a kitchen or home office, in permanent dress down mode (remember when that only happened on the last Friday of the month?) and perhaps even […]