FSA tightens screw on broker risk transfers
The UK Financial Services Authority (FSA) has proposed a ban on
"conditional" risk transfer between insurers and
intermediaries in order to prevent policies not being honoured if a
broker fails.
A consultation paper published by the regulator on 28 August
reviewed how insurance intermediaries held client money. It found
widespread failings and has proposed new rules for the sector.
Brokers currently need to enter into an agency agreement with
insurers in order to receive money from clients.
However, the FSA...
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