BPS closure blamed on client fund handling
The Financial Services Authority has pointed to deficiencies in the client money accounts of broker BPS Insure Limited - after it banned the firm from trading and placed it in administration.
In a statement the regulator explained: "On 28 April 2005 the FSA conducted a client money thematic visit to BPS Insure Limited (BPS) - a general insurance broker. During this a deficiency in theOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Regulation
Motor finance delays causing FOS complaints backlog
The Financial Ombudsman has this morning revealed complaints for the financial year 2024/25 are still “significantly higher than in 2023/24”.
Broker banned for fraud that led to client’s collapse
The Financial Conduct Authority has banned David Robert Cooke, the former director of Weston-super-Mare broker Professional Construction Risks Limited, from working in financial services.
Accelerating action after my voice simply wasn’t listened to
Ahead of International Women’s Day on Saturday (8 March), Jill Hambley, managing director of Insurance Compliance Services, shares the discrimination she has faced during her career, plus her efforts to ensure women are listened to in this industry.
Is time ticking on leasehold altogether?
News Editor’s View: Scott McGee asks if the insurance industry's headache of having to justify the fees charged to flat owners for arranging cover is about to be replaced by the pain that will come with leasehold status being ditched for commonhold ownership.
FCA CEO promises fewer large-scale changes for insurers
Nikhil Rathi, CEO of the Financial Conduct Authority, has promised to reduce unnecessary regulatory burdens and support growth of the insurance sector, with less large-scale rule changes in the next five years.
