Normal set of Company Accounts or something else?

Insurance Intermediatery

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Hi All

A new client has contacted us - business set up is this. LTD co - The business settles insurance claims on behalf of foreign insurance companies. Basically an insurance intermediatery.

They negotiate settlement here in UK. Commission income invoice is sent to foreign insurer.

Foreign insurer pays bulk amount to client to settle their invoice and to pay out to the claimant.

The contact has said they have no regulatory duties other than normal accounts. Surely as they are holding client monies there would be some insurance / FCA regulations that need to be adhered to?

I wondered if anyone has any input on this or if it really would just be a normal set of accounts - my gut feeling is that there is something else and that’s why we haven’t made the decision to take the client on.

Many thanks

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By paul.benny
31st May 2019 10:09

Without the benefit of actual expertise, I would have thought the prospective client is a claims management company that must now be registered with the FCA.

I'd check for myself via the FCA what the accounting and reporting obligations are for such firms and compare with what the prospective client is doing/expecting.

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