Good practice guide: Client money for brokers
Read time: 11 mins
Service: Statutory audit Sector: Financial services
The rules around client money are a blend of legal, financial and regulatory concepts, and while no single rule is overly complex in its own right, the application of the rules in practice is not always straight forward. We see a range of approaches by firms; some firms dedicate a lot of resource to client money whilst others lack the required skills.
The key to protecting client money is ensuring the senior team take things seriously, promoting client money governance and supporting those responsible for client money to ensure they have sufficient training and resources.
There are not many references in the public domain that can help you with the practical aspects of handling client money which is why we helped the Society of Insurance Broking produce this Good Practice Guide to help brokers improve their client money handling.
We hope you find this a useful introduction to, what can be, a challenging topic.