I would like to re­quest that any new in­sur­ance and fi­nan­cial leg­is­la­tion makes it il­le­gal for any fi­nan­cial in­sti­tu­tion to take clients' mon­ey and not pro­vide reg­u­lar state­ments.It is sur­pris­ing that many in­sur­ance com­pa­nies, banks and cred­it unions want to have the priv­i­lege of hold­ing funds on be­half of peo­ple yet think that it is okay to just is­sue re­ceipts and pass­books rather than pro­vid­ing de­tailed state­ments.

In fact, it is com­mon for in­sur­ance com­pa­nies and even statu­to­ry bod­ies to wrong­ly al­lo­cate mon­ey re­ceived from cus­tomers or hold them in sus­pense ac­counts in­def­i­nite­ly. This is an ar­cha­ic prac­tice with a huge po­ten­tial for fraud and mis­ap­pro­pri­a­tion which should be stopped im­me­di­ate­ly.If or­gan­i­sa­tions think they are re­spon­si­ble enough to take cus­tody of clients' funds, then they should al­so be re­spon­si­ble enough to have the sys­tems of ac­count­abil­i­ty in place to per­form fidu­cia­ry du­ties.

Rishi-Nir­van Bal­roop

Diego Mar­tin