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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

exempt insurance intermediary

    18an insurance intermediary:

      1. (a) whose155 Part 4A permission 155 is limited to or includes insurance distribution activity126;
      1. (b) which, in relation to insurance distribution activity126 (but disregarding money or other assets held in relation to other activities) either:
        1. (i) does not hold any client money or other client assets in any form; or
        1. (ii) holds client money as trustee under a statutory trust imposed by CASS 5.3 (statutory trust) but does not otherwise hold client money; and
      1. (c) which (when aggregating the amount calculated in accordance with CASS 5.5.65 R) does not in relation to insurance distribution activity126 hold client money in excess of £30,000 at any time during a financial year.