Biba has submitted a report to the FSA offering an alternative solution to the issue of risk transfer.
Sources said the broker body had taken both legal counsel and advice from accountancy firm Ern …
Biba has submitted a report to the FSA offering an alternative solution to the issue of risk transfer.
Sources said the broker body had taken both legal counsel and advice from accountancy firm Ernst & Young in preparing its submission.
The report centres around a single voluntary, non-statutory trust account for both client and insurer money. Under the proposals, policyholders would have first rights to money in the account in the event of any problem.
The Biba move follows an announcement by the FSA earlier this year that brokers would be allowed to "co-mingle" client and insurer money in the same account until 2006.
At that time, Biba said it would "make a representation to the FSA with a view to making the transitional arrangements permanent".
Biba declined to comment on the report.
