Hefty FCA fines highlight importance of delegated authority chain controls
The £15.5m of fines handed to individuals and firms involved in the collapse of several unrated insurers operating in the solicitors' professional indemnity market have highlighted the need for all parties involved in the delegated authority chain to have stringent controls in place.
On 1 February, the Financial Conduct Authority announced it was fining five individuals and two companies £15.5m for their part in a market failure that left hundreds of solicitors without valid
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