Advisers who received requests for information from the Financial Markets Authority (FMA) in its investigation into replacement business have now been asked to hand over copies of client files.
As part of its work into churn, the FMA identified 200 advisers who had a high estimated rate of replacement business.
It wrote to them with a section 25 request, asking for a list of all their clients, and all of those who had moved their policies since 2012, including details of the original policy, new policy and any non-standard terms involved.
It also wanted a list of all insurers clients had policies with, and details of the commissions and incentives advisers received...MORE»
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