Insurance advisers allowed to 'co-mingle' accounts - FSA

Details of the latest guide for insurance intermediaries reveal the Financial Services Authority has reassessed its plans to require all client monies be held separately from an adviser firm’s “other” assets- as previously proposed in near final rules of September 2003. Previous consultation with the industry suggested holding client monies and other assets (held as an insurance agent) in separate accounts would be too expensive for most firms, so the FSA has agreed firms can now hold client assets in one account – known as co-mingling - even though it was initially thought this would be...