New rules to force brokers to look at client money procedures

New draft rules published by the FSA mean insurance brokers will have to reconsider their management and processes for holding client money

Tim Goodger and Alexandra Booth, partners

The Financial Services Authority’s (FSA) proposals, set out in a consultation paper on August 28, are a call to action for brokers of all sizes. Inevitably when the rules change, there are cost and IT implications.