Client money is a critical area of compliance – and now that the Retail Mediation Activities Return (RMAR) has been extended to incorporate wider reporting, the way your firm handles it has become even more visible to the FCA.
The regulations around client money are complex. It’s one of the areas in which our consultants most often uncover breaches during client visits. These usually result from confusion over what the FCA’s rules require – or how they apply specifically to the firm in question.
We can help with client money in a variety of ways.
We can look at your business processes and priorities and set out the handling options available to you.
We can provide guidance on interpreting the TOBAs you have with insurers – so you can understand clearly their implications for client money handling and/or risk transfer.
We can talk you through the differences between statutory trust client accounts, non-statutory trust client accounts, and insurer trust accounts (risk transfer), and help ensure you establish these properly and use them correctly.
We can also provide training for individuals responsible for client money within your business.
If you prefer, we can offer more hands-on support, working closely with you to check your procedures against FCA rules and ensure there are no gaps.
Many brokers and intermediaries get into trouble over FCA rules. But that needn’t happen to you. At Thistle, we have the experience and the expertise to help you navigate the regulations safely, efficiently, and competitively.