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Compliance tip

Question: In box two of section D1 of my Gabriel (Gathering Better Regulatory Information Electronically) which relates to regulatory capital, what is the minimum requirement for mortgage and general insurance firms?

Answer: For firms which do not hold client money, the minimum requirement is £5,000 or 2.5 per cent of the annual mortgage and insurance turnover, whichever is the highest. 

For firms which do hold client money, this increases to £10,000 or 5 per cent of the annual mortgage and insurance turnover, if held in a statutory trust account. If the firm operates a non-statutory trust, this increases to £50,000.

Aileen Lynch is head of technical at Compliance First



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