Insurance Brokers
The Financial Services Authority (FSA) has been the regulator for financial services in the UK since 2001 and since January 2005 general insurance mediation activities have now been included within the FSA’s scope.
General insurance mediation activities include arranging the purchase of insurance policies; advising on insurance policies; dealing as an agent and assisting in the administration and performance of insurance policies.
As an independent organisation, the FSA’s aim is to promote efficient, orderly and fair financial markets and to help retail financial service consumers get a fair deal. It sets the standards that its members must meet and to be a recognised member under the FSA there are many rules and regulations for Insurance Brokers to comply with.
At Goldblatt McGuigan we are highly experienced in working with clients in the insurance broker sector providing advice and support with -
- Client Money Rules and the operation of statutory and non–statutory trust bank accounts
- Accounting for commission
- Client Money Audit that is required by some intermediaries
- Review of systems and controls
- Ensuring compliance with the relevant Companies legislation e.g. statutory audit requirement, statutory financial statements
- Routine reporting to FSA e.g. Retail Mediation Activities Return (RMAR)