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Release Date: 30th August 2018

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) has fined One Call Insurance Services Limited £684,000 for failing to protect client money adequately, breaching Principle 10 of the FCA’s Principles for Businesses, and various Client Money Rules. Additionally, One Call is restricted from charging renewal fees to customers for 90 days, costing the firm approximately £4.7 million.

During the period in question, One Call failed to correctly handle and segregate client money, especially in relation to their T36 motor insurance policies, which resulted in a substantial client money deficit of approximately £17.3 million. Despite warnings from external auditors about potential breaches, One Call continued its inadequate practices until the FCA’s intervention in December 2013.

Key Takeaways for Other Firms:

In conclusion, the FCA’s action against One Call underscores the importance of stringent adherence to client money rules and robust governance. Firms must ensure that they have effective systems and controls to safeguard client money and avoid severe regulatory consequences.

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