Client money requirements have been at the forefront of many insurance firms' thinking in the last 12 months. In part, this is because the FCA has indicated its intention to increase the scrutiny insurers are placed under for their CASS compliance.
Almost 8 in 10 insurance firms surveyed by AutoRek indicated that they are either confident or very confident that their client money processes would stand up to such scrutiny by the FCA. While this is reassuring, those insurance firms who are less confident will need a thorough understanding of their client money obligations.
This blog highlights what the industry can expect in 2022 and how insurance firms can satisfy regulatory obligations.
• The FCA’s definition of client money
• Two ways for insurers to hold client money
• Client money calculations and reconciliation requirements
• How important are client money calculations and reconciliations?
• The purpose of the FCA’s ‘Dear CEO letters’
• What role will automation play in 2022?