The Box - 17 June

The Box is Mills & Reeve’s webinar series for insurance brokers, intermediaries and their insurers. In our next edition, James Thompson and Jenny Rhind consider the High Court’s recent decision in EC3 Brokers Limited (in Administration) in which an insolvent broker was left holding client monies and the broker’s record keeping made accurate redistribution a challenge. We will ask:

• How to disentangle monies held on trust for clients versus those due to insurers?
• How should the client money pool be distributed where it is impracticable to determine precise entitlements due to defective records?
• Could the court approve a bespoke distribution scheme, departing from the strict application of the FCA’s Client Assets Sourcebook (the CASS rules)?

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