Insurance market update - September 2012
On 28 August 2012 the FSA issued a consultation paper on its Review of the Client Money Rules for Insurance Intermediaries (CP12/20) which contains various proposals for changes to the Client Assets rules.
Various concerns had arisen during the course of the FSA review which included a poor understanding of the rules and subsequent poor compliance by the market. Consequently, in preparing the consultation paper the FSA engaged with interested market participants to discuss key topics to help form the FSA’s proposals. Comments to the FSA are invited by 30 November 2012 and the FSA expect to publish feedback and final rules in the second quarter of 2013. We would encourage you to read these proposals and be involved in the process.
In this edition of the Insurance Market Update, we set out some of the proposed changes to the rules together with our views on what it means for firms.
Insurance Market Update (PDF)