General insurers may be able to continue to co-mingle client and insurers money in client accounts despite latest regulation proposals suggesting it will be prohibited from January 2006, the FSA has revealed.
Speaking at the British Insurance Brokers Association (BIBA) Conference yesterday, FSA director of High Street Firms Sarah Wilson announced the regulator has decided to consult again on the question whether co-mingling should be prevented or not. A consultation paper on the issue will now be published in late July, and the FSA expects to make final decisions on whether to change the rules in early 2005. The move follows urgent calls from the industry to reassess the proposal to prevent the GI market from co-mingling. Wilson said: "It is fair to say that, although a little belatedly...
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