In March 2009 the FSA wrote to firms and explained the obligations a firm has to protect clients’ money and assets. The FSA also stated that it would conduct firm visits during 2009.
As a result of these visits the FSA has now sent a letter and report to the CEOs of major insurance brokers and investment firms that are able to hold money or assets on behalf of clients. The report contains a summary of the visit findings and highlights certain areas of weakness that the FSA found. The report also includes examples of how firms should meet FSA expectations in relation to compliance with the requirements. Over the course of the year, the FSA will be increasing its visits to firms to assess how well these are being met.
View FSA outlines concerns about firms’ handling of clients’ money and assets, 22 January 2010
View FSA Dear CEO letter - Client Money & Asset report, 22 January 2010
View FSA Client Money & Asset report, 22 January 2010