Client Money. In the course of carrying on insurance distribution activities, We do not handle client money. This will be handled on Our behalf by UKGlobal Broking Group Limited (‘We’, ‘Our’, ‘Us’ for the remainder of this clause only) in accordance with the FCA’s Client Assets Sourcebook (CASS) rules, which are designed to protect You. A copy of these rules is available on request. We handle client money in either one of the following ways: The fact that We will hold money on trust gives rise to fiduciary duties which will be owed to You until the client money reaches the insurer, at which time Our fiduciary duties with regard to Your money will cease. By holding client money subject to a non-statutory trust, We are entitled to and may make advances of credit from the trust to enable a client’s premium obligation to be met before the premium is remitted to Us. Similarly, it allows claims and premium refunds to be paid from the trust to a client before receiving remittance of those monies from the insurer. Where risk transfer applies, You will be protected to the extent that any premiums We receive from You are treated as having been received by the insurer. Where the agreement extends to premium refunds and/or claims, any premium refunds or claims will be treated as received by You only when they are actually paid to You. Client money is kept separate from Our own money. Client money will be deposited into a client bank account with an authorised UK clearing bank. Any interest earned on client money that is subject to a non-statutory trust will be retained by Us. Where client money is held subject to a non-statutory trust, We can only withdraw commission from the client bank account in the following circumstances: • When We actually receive the premium as cleared funds from You (or from a third-party premium finance provider on Your behalf); and • At the point at which the commission becomes due and payable to Us for Our own account, provided this is consistent with the terms of business of the insurer to whom the premium is payable. Until that point commission will remain client money. Where risk transfer applies, commission will become due and payable to Us for Our own account immediately on receipt of the premium, provided this is consistent with the terms of business of the insurer to whom the premium is payable.
Client Money. We, in the course of carrying on insurance distribution, handle client money in accordance with the FCA Client Assets Sourcebook (CASS) rules, which are designed to protect You. A copy of the CASS rules is available on request. We handle client money in either one of the following ways, both of which are described in more detail below:
Client Money. 6.1. It is a condition of these Terms that we are entitled to ask you to let us have money on account of costs to be incurred in the following weeks or months for both our fees and other disbursements. This does not apply if you accept our offer to work for you on the basis of a Conditional Fee Agreement, subject to anything further which is set out in your Engagement Letter.
Client Money. For your additional security we do not handle client’s money. We never accept a cheque made out to us (unless it is a cheque in settlement of our fees or other charges or disbursements for which we have sent you an invoice). We do not handle cash. Cheques for payment will be required to be paid direct to the insurance provider.
Client Money. When holding client’s money, the Company is required to apply CySEC rules according to Directive DI87-01 for the Safeguarding of client Assets, Product Governance Obligations and Inducements. Professional Clients however, may choose to op-out of these rules. Nonetheless the Company has chosen to treat Professional Clients’ money the same way that we treat retail clients’ money.
Client Money. We are required to keep Client Money separate from our own money. We will normally do this by holding money in a client bank account. Any interest earned on Client Money will be retained by us.
Client Money. 26.1. Unless otherwise agreed with the Client in writing and to the extent allowed under Applicable Regulations, the Company will deal with any funds that it holds on the Client Account in accordance with the applicable Regulations. This means that Client funds will be segregated from the Company’s own money and cannot be used in the course of its business. The Company will promptly place any Client money into a Segregated Client Account.
Client Money. We are unable to hold client money in any way. Our remuneration may be commission paid by the insurer or a fee paid by you. Should we decide to charge a fee for our services this will be discussed with you and confirmed in writing. The commission we receive is based on a percentage of the total annual premium. On occasion we may pay a performance bonus to people who work under our Authorisation. Our Remuneration policy clearly states that our remuneration scheme is designed to reflect employees experience and performance, balanced with the requirement to ensure that their remuneration does not conflict with their obligations to our clients. If you require us to disclose the level and indemnity term of our commission receivable from an Insurer, please ask and we will send you a letter setting out the amount we receive. This applies to both consumer (Individual) clients, and commercial (Group) clients. If you are a client with an individual protection product, then we will automatically inform you of the level of commission we earn from the Insurer at the quotation stage. On occasion we may be remunerated by both commission and a fee. This will be discussed with you and confirmed in writing. We will give you enough information and help so you can make an informed decision before you make a final commitment to buy your insurance policy. If you are a consumer (that is an individual buying insurance for personal use only i.e. wholly outside your business or profession) you will have the right to cancel your insurance policy within 14 days for general insurance e.g. private medical insurance or travel. For protection policies there is a 30-day cancellation period e.g. term life or critical illness. Please note, that these cancellation periods can vary between insurers and may exceed the minimum number of days as stated here. This information will be confirmed to you in your policy documentation. The cancellation period begins (the later of): • the day of the conclusion of the contract (for general insurance contracts), • the day after the customer was informed that the contract was concluded (for pure protection contracts); or • if later, the day after the customer receives full policy documentation. You may be required to pay for the time on risk should you invoke cancellation, and this will be at the discretion of the insurer. Our arrangement may be terminated by either party upon the giving of notice in writing to the other party. In the event our services ar...