Insurance Brokers
Insurance broking firms have been regulated by the Financial Services Authority (“the FSA”) since January 2005. As a result they must maintain adequate systems to ensure that they comply with the FSA’s detailed and complex rules in relation to the holding of client money. Failure to comply with these rules can have potentially serious consequences.
In order to monitor compliance with the client money rules insurance broking firms are required, except in certain limited circumstances, to appoint auditors to report on whether they have maintained adequate systems to enable compliance with the rules and whether they were in compliance with the rules at the date at which the report is made. The report, which is required irrespective of whether the insurance broking firm is exempt from a statutory audit under the Companies Act, must be made within four months of the end of the period covered by the report.
At Barber Harrison & Platt we are experienced in providing client money reports using detailed client money programmes.
For further information please contact:
Amanda Townsend
Tel: 0114 2667171
Email: amanda.townsend@bhp.co.uk
David Elsom
Tel: 0114 2667171
Email: david.elsom@bhp.co.uk