Client Money. (a) We have categorized you, by default and unless otherwise specified and agreed between you and us, as a retail client and therefore in accordance with applicable law and subject to clauses 20.1b and 20.1c we will place an amount equal to your Total Equity minus your Trading Credits (as and if available and as and if displayed on the platform) into a client money bank account. We will deal with your money in accordance with the FCA’s Client Money rules and guidance, which require us to hold it in a client bank account, separating your funds from ours. Such money may be held by a bank with other clients’ money in a pooled client account. (b) We will exercise all due skill, care and diligence in selecting a third-party bank to use to hold Client Money and will periodically review the adequacy and appropriateness of any bank where your money is deposited, in accordance with the Client Money Rules. (c) We will carry out reconciliations at the close of business on each Business Day between money required to be held in the client money bank account and money that may be held on our own account in accordance with the FCA Rules, and any required transfer to or from the client money bank account in respect of your Account will take place on the following Business Day. We may carry out such reconciliations and transfers more frequently, should we reasonably consider that this is necessary to protect our or your interests. (d) We may hold funds you pay to us in unbreakable deposits (UDs) ranging from thirty (30) days duration but not exceeding ninety-five (95) days (“Long Term Deposit Accounts”). The risk of placing client money in a Long- Term Deposit account is that in the event of the firm’s insolvency the process of pooling off client money cannot start until the account has matured. Only an appropriate proportion of client money will be held in such UDs, and all such amounts will continue to comply with the FCA Client Money rules at all times. The Company does not believe that this increases the liquidity risk of the Company in a significant manner. (e) You agree that we may cease to treat money held on your behalf as client money and release it from our client money bank account(s), i. if you have no positions and have not placed a trade in the previous six (6) years, and we have been unable to contact you. Such money will, however, remain owing to you and we will make and retain all records of all balances released from client money bank accounts under this clause and will undertake to make good any valid claims against such released balances. ii. If any amounts owed by you to us under the Agreement are due and payable to us, in accordance with the Client Money Rules we shall cease to treat as Client Money so much of any Client Money held on your behalf as equals the those amounts. You agree that we may apply that money in or towards satisfaction of all or part of those amounts due and payable to us. For the purposes of this clause, any such amounts owed by you to us under this Agreement become immediately due and payable, without notice or demand by us, when incurred by you or on your behalf. (f) We will not pay interest to you on any money held on your behalf or otherwise under clauses 20.1a, 20.1b or 20.1c and by entering into this Agreement you acknowledge that you therefore waive any entitlement to interest under the Client Money Rules or otherwise. Security interests, liens or rights of set-off are granted by the Company and are recorded within the Company’s own accounts so as to ensure that the ownership status is clear, in the event of insolvency.
Appears in 5 contracts
Sources: Customer Agreement for Retail Clients, Customer Agreement for Retail Clients, Customer Agreement for Retail Clients
Client Money. (a) We have categorized you, by default and unless otherwise specified and agreed between you and us, as a retail client and therefore in accordance with applicable law and subject For your additional security ▇▇▇▇▇▇ Crisp is not permitted to clauses 20.1b and 20.1c we will place an amount equal to your Total Equity minus your Trading Credits (as and if available and as and if displayed on the platform) into a client money bank accounthandle clients’ money. We will deal with your money in accordance with the FCA’s Client Money rules and guidance, which require us to hold it in never handle cash or accept a client bank account, separating your funds from ours. Such money may be held by a bank with other clients’ money in a pooled client account.
(b) We will exercise all due skill, care and diligence in selecting a third-party bank to use to hold Client Money and will periodically review the adequacy and appropriateness of any bank where your money is deposited, in accordance with the Client Money Rules.
(c) We will carry cheque made out reconciliations at the close of business on each Business Day between money required to be held in the client money bank account and money that may be held on our own account in accordance with the FCA Rules, and any required transfer to or from the client money bank account in respect of your Account will take place on the following Business Day. We may carry out such reconciliations and transfers more frequently, should we reasonably consider that this is necessary to protect our or your interests.
(d) We may hold funds you pay to us in unbreakable deposits (UDs) ranging from thirty (30) days duration but not exceeding ninety-five (95) days (“Long Term Deposit Accounts”). The risk of placing client money in a Long- Term Deposit account is that in the event of the firm’s insolvency the process of pooling off client money cannot start until the account has matured. Only an appropriate proportion of client money will be held in such UDs, and all such amounts will continue to comply with the FCA Client Money rules at all times. The Company does not believe that this increases the liquidity risk of the Company in a significant manner.
(e) You agree that we may cease to treat money held on your behalf as client money and release it from our client money bank account(s),
i. if you have no positions and have not placed a trade in the previous six (6) years, and we have been unable to contact you. Such money will, however, remain owing to you and we will make and retain all records of all balances released from client money bank accounts under this clause and will undertake to make good any valid claims against such released balances.
ii. If any amounts owed by you to us under the Agreement are due and payable to us, unless the cheque is in accordance with the Client Money Rules settlement of an item for which we shall cease to treat as Client Money so much of any Client Money held on your behalf as equals the those amountshave sent you an invoice. You agree that we may apply that money in or towards satisfaction of all or part of those amounts due and payable to us. For the purposes of this clauseWe are required, any such amounts owed by you to us under this Agreement become immediately due and payable, without notice or demand by us, when incurred by you or on your behalf.
(f) We will not pay interest to you on any money held on your behalf or otherwise under clauses 20.1a, 20.1b or 20.1c and by entering into this Agreement you acknowledge that you therefore waive any entitlement to interest under the Client Money Rules or otherwise. Security interests, liens or rights of set-off are granted by the Company Proceeds of Crime Act 2002 and are recorded within the Company’s own accounts so Money Laundering regulations 2017, to verify the identity of our clients, to obtain information as to the purpose and nature of the business which we conduct on their behalf, and to ensure that the ownership status information we hold is clearup-to-date. For this purpose we may use electronic identity verification systems and we may conduct these checks from time to time throughout our relationship, not just at the beginning. We reserve the right to delay any applications until adequate verification of identity has been obtained. We will act honestly, fairly and professionally always conducting business in our clients’ best interests. Occasionally situations may arise where we or one of our other clients have some form of interest in business transacted for you. Conflicts of Interest are impossible to remove entirely but we identify, monitor and manage real or potential conflicts in order to safeguard our clients’ interests. The following actual or potential conflicts of interest have been identified:- • Access to confidential information • Outside business interests or personal relationships • Inducements and non-monetary benefits • Remuneration We rely on a policy of independence to manage any conflicts of interest between Henson Crisp and our clients or between one client and another. This means that it is possible that there may be material interest or conflicts of interest relating to the service given to clients but we are required to disregard that material interest or conflict of interest when advising clients. We monitor where conflicts of interest may exist such as having a material interest in relation to a transaction or recommendation, and if we believe we are unable to manage a specific conflict of interest using this policy of independence we will disclose the conflict to clients by writing to you with full details and the steps we will take to ensure fair treatment, and obtain your consent before we carry out your instructions. Ultimately, if we believe that disclosure would also not manage the conflict fairly, we must decline to act for the client. The principal of ▇▇▇▇▇▇ Crisp Limited is a controller of and a shareholder in RXI Wealth Limited. RXi Wealth Limited is an authorised firm providing Discretionary Investment Management (FRN 749884). The existence of the shareholding and any potential benefit does not alter our regulatory responsibility to remain impartial, and will in no way influence our recommendations in relation to the most suitable service, product or provider for you and your circumstances. We will only recommend that you use this service if we believe that it is suitable for your investment requirements but if you would prefer that we exclude it from our considerations please advise us. The investment platforms and product providers we recommend make available a variety of technical product and legislative information as well as online tools enabling us to map the performance of clients’ portfolios. This may be in the event form of insolvency.information that is generally available to all financial advisers such as guides on how to complete application forms, projections of future benefits, and confirmation of why their products may be suitable for specific individuals/circumstances. We also have access by telephone and email to technical helpdesks which we use to discuss possible solutions to particularly complex client situations, to request tax calculations and completion of transfer value analyses. These are facilities that platforms and providers make available to all financial advisers with the sole aim of enhancing the quality of the service to clients. Platform and product providers and fund managers may also provide us with training presentations in the form of webinars, and occasionally roadshows, to explain legislative or regulatory changes and developments or to describe new products or funds. You can receive more detailed, specific information on all the above on request
Appears in 2 contracts
Sources: Client Agreement for Financial Planning, Client Agreement for Financial Planning
Client Money. (a) We have categorized you, 15.1 Any money received by default and unless otherwise specified and agreed between you and us, N+1 Singer in respect of your Account with N+1 Singer shall be treated as a retail client and therefore in accordance with applicable law and subject to clauses 20.1b and 20.1c we will place an amount equal to your Total Equity minus your Trading Credits (as and if available and as and if displayed on the platform) into a client money bank account. We will deal with your money “Client Money” in accordance with the applicable FCA’s Client Money rules Rules except where you transfer full ownership of money to N+1 Singer for, amongst other things, the purpose of security or otherwise covering present or future, actual or contingent or prospective obligations, in which circumstances such money will not be regarded as Client Money.
15.2 In relation to Client Money unless you notify us in writing or otherwise, we may hold Client Money in a Client bank account opened with either an approved bank in the United Kingdom or in any other country. Your Client Money may therefore be held outside the United Kingdom and guidancein such circumstances the legal and regulatory regime applying to the approved bank with which you bank account is opened will be different from that of the United Kingdom.
15.3 In respect of clause 15.2 we will request that the applicable bank provide the acknowledgement required by FCA’s Rules provided that in the case of a Client bank account in the United Kingdom, which require us if the bank does not provide such acknowledgement within 20 business days after we have dispatched the notice, we will (a) notify you of such fact and (b) withdraw all money standing to hold the credit of the account and deposit it in a client Client bank account, separating your funds from ours. Such money may be held by a account with another bank with other clients’ money in a pooled client accountas soon as possible.
15.4 Unless specifically agreed to the contrary we will not pay you interest on Client Money or any other unencumbered funds.
15.5 Unless you notify us in writing or otherwise, we may allow another person, such as an exchange, a clearing house or an intermediate broker, to hold or control Client Money where we transfer the Client Money (a) for the purposes of a transaction for you through or with that person; or (b) to meet your obligations to provide collateral for a Transaction.
15.6 In the event that Client Money is transferred to a third-party, we must obtain your consent at the time of the transfer (which may be taken as standing consent for future orders). We will exercise all not transfer Client Money to third-parties unless such firms which are the recipients of the transferred Client Money hold those sums under the Client Money rules (specifically, the FCA’s CASS rules), or such recipients in our reasonable opinion, as determined by our due skill, care and diligence in selecting assessing such third party will apply adequate measures to protect the sums being transferred. We will provide you, within (7) seven days of transfer, certain post transfer notifications, including how the funds will be held by the transferee firm; the relevant applicable compensation scheme, if any, and the option to have such funds returned to you. No explicit consent is required for transfers of de-minimus amounts (£25 for retail and £100 for professional), however, you will still receive the post transfer notification.
15.7 We do not currently enter into ‘Title Transfer Collateral Arrangements’ (TTCA) with you. To the extent we were to enter into such arrangement with you in the future, we would require you to enter into a third-party bank written TTCA with us.
15.8 We do not currently enter into ‘Right to use Use’ arrangements with any of our clients. In the event that we were to hold Client Money enter into such arrangement in the future, we would consider whether such arrangement was in the client’s best interests, this consideration is uniform for both retail and professional clients.
15.9 To the extent applicable, and with regard to delivery versus payment transactions through a commercial settlement system, you will periodically review agree with us in writing to our holding of your assets/monies within the adequacy 24 hour DVP window. With respect to Client's Purchase - the DVP window starts from the date of the client's fulfilment of its payment obligation to the firm and appropriateness closes at the earlier of any bank where your the settlement date or the third business day following the date the client fulfils its payment obligation. Where delivery of the asset to the client does not occur because the transaction has not yet settled, the firm will need to treat the money is depositedas client money until such time as delivery to the client occurs. With respect to Client's sale- the DVP window starts from the date the client fulfils its delivery obligation to the firm and closes the earlier of the settlement date or the third business day following the date the client fulfils its delivery obligation. Where payment to the client has not occurred because the transaction has not yet settled, the firm will need to treat the custody asset in accordance with the custody rules until such time as the payment to the client occurs. If the firm is still holding client money I assets after the DVP window closes, it must segregate the money I assets promptly in comply with CASS rules.
15.10 You consent to us releasing any Client Money Rules.balances, for or on your behalf, from client bank accounts and for us to treat as Client Money any unclaimed Client Money balance where:
(ca) We will carry out reconciliations at the close we have determined that there has been no movement on your balance for a period of business on each Business Day between money required to be held in the client money bank account and money that may be held on our own account in accordance with the FCA Rulessix years (notwithstanding any payments or receipts of charges, and any required transfer to interest or from the client money bank account in respect of your Account will take place on the following Business Day. We may carry out such reconciliations and transfers more frequently, should we reasonably consider that this is necessary to protect our or your interests.similar items); and
(db) We may hold funds we have attempted to communicate to you pay to us in unbreakable deposits (UDs) ranging from thirty (30) days duration but not exceeding ninety-five (95) days (“Long Term Deposit Accounts”). The risk of placing client money in a Long- Term Deposit account is that in the event of the firm’s insolvency the process of pooling off client money cannot start until the account has matured. Only an appropriate proportion of client money will be held in such UDs, and all such amounts will continue to comply with the FCA Client Money rules on at all times. The Company does not believe that this increases the liquidity risk of the Company in a significant manner.
(e) You agree that we may cease to treat money held on your behalf as client money and release it from our client money bank account(s),
i. if you have no positions and have not placed a trade in the previous six (6) yearsleast three occasions after reasonably determining contact information, and we have been unable to contact you. Such money will, however, remain owing written to you and we will at your last known address informing you of our intention of no longer treating that balance as Client Money, giving you 28 days to make a claim, provided we:
(i) shall make and retain all records of all balances released from client money your Client bank accounts under this clause and will accounts; and
(ii) undertake to make good any valid claims against such any released balances.
ii(c) The above is subject to a de Minimis threshold of £25 for retail clients and £100 for other clients in relation to client money. If There is no de Minimis threshold for client assets for unclaimed money or assets that are paid away to charity. We unconditionally undertake to make good any amounts owed by you valid claim for unclaimed money or assets paid away to us under the Agreement are due charity, and payable will maintain all records of such divestments to us, in accordance with the Client Money Rules we shall cease to treat as Client Money so much charity of any Client Money held on your behalf as equals the those amounts. You agree that we may apply that such money in or towards satisfaction of all or part of those amounts due and payable to us. For the purposes of this clause, any such amounts owed by you to us under this Agreement become immediately due and payable, without notice or demand by us, when incurred by you or on your behalfassets.
(f) We will not pay interest to you on any money held on your behalf or otherwise under clauses 20.1a, 20.1b or 20.1c and by entering into this Agreement you acknowledge that you therefore waive any entitlement to interest under the Client Money Rules or otherwise. Security interests, liens or rights of set-off are granted by the Company and are recorded within the Company’s own accounts so as to ensure that the ownership status is clear, in the event of insolvency.
Appears in 2 contracts
Sources: Terms of Business, Terms of Business
Client Money. (a) We have categorized you, by default and unless otherwise specified and agreed between you and us, as a retail client and therefore in accordance with applicable law and subject to clauses 20.1b and 20.1c we will place an amount equal to your Total Equity minus your Trading Credits (as and if available and as and if displayed on the platform) into a client money bank account. We will deal with your money in accordance with the FCA’s Client Money rules and guidance, which require us to hold it in a client bank account, separating your funds from ours. Such money 5.1 The Company may be held by a bank with other clients’ money in a pooled client account.
(b) We will exercise all due skill, care and diligence in selecting a third-party bank to use to hold Client Money and the money of other Clients in the same bank account (omnibus account).
5.2 The Company may deposit Client money in overnight deposits and will periodically review be allowed to keep any interest.
5.3 The Company shall not be obliged to pay interest to the adequacy and appropriateness Client on any funds which the Company holds or in respect of any bank where your money positions held by the Company as a custodian. The Client waives all rights to interest.
5.4 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.5 Profit or loss from Financial Instruments trading is depositeddeposited in/withdrawn from the Client Account once the Transaction is closed.
5.6 The Client agrees that, in accordance with the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client Money Rulesdespite having taken reasonable steps to do so, the Company may release any Client’s money balances from the Segregated Account.
(c) We 5.7 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.8 The Company will carry out reconciliations at the close of business on each Business Day between money required to be held in the client money bank account records and money that may be held on our own account in accordance Segregated Funds with the FCA Rulesrecords and accounts of the money the Company holds in Segregated Accounts on a regular basis, and any required transfer to or from the client money bank account in respect of your Segregated Account will take place by the close of business on the following Business Dayday that the reconciliation is performed. We may The Company reserves the right to carry out such reconciliations and transfers more frequently, should we the Company reasonably consider that this is necessary to protect our the Company’s or your a Client’s interests.
(d) We may hold funds you pay to us in unbreakable deposits (UDs) ranging from thirty (30) days duration but 5.9 The Client agrees that the Company shall not exceeding ninety-five (95) days (“Long Term Deposit Accounts”). The risk of placing client money in a Long- Term Deposit account is that be held liable or have any further obligation in the event of that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the firm’s insolvency the process of pooling off client money cannot start until the account has matured. Only an appropriate proportion of client money will be held in such UDs, and all such amounts will continue to comply with the FCA Client Money rules at all times. The Company does not believe that this increases the liquidity risk of the Company in a significant mannerSegregated Funds.
(e) You agree that we may cease to treat money held on your behalf as client money and release it from our client money bank account(s),
i. if you have no positions and have not placed a trade in the previous six (6) years, and we have been unable to contact you. Such money will, however, remain owing to you and we will make and retain all records of all balances released from client money bank accounts under this clause and will undertake to make good any valid claims against such released balances.
ii. If any amounts owed by you to us under the Agreement are due and payable to us, in accordance with the Client Money Rules we shall cease to treat as Client Money so much of any Client Money held on your behalf as equals the those amounts. You agree that we may apply that money in or towards satisfaction of all or part of those amounts due and payable to us. For the purposes of this clause, any such amounts owed by you to us under this Agreement become immediately due and payable, without notice or demand by us, when incurred by you or on your behalf.
(f) We will not pay interest to you on any money held on your behalf or otherwise under clauses 20.1a, 20.1b or 20.1c and by entering into this Agreement you acknowledge that you therefore waive any entitlement to interest under the Client Money Rules or otherwise. Security interests, liens or rights of set-off are granted by the Company and are recorded within the Company’s own accounts so as to ensure that the ownership status is clear, in the event of insolvency.
Appears in 1 contract
Sources: Client Agreement
Client Money. (a) We have categorized you, by default 24.1 Subject to conditions set out in Rules 22 to 25 of the SRA Account Rules a sum in lieu of interest must be accounted to clients when it is fair and unless otherwise specified and agreed between you and us, as a retail client and therefore in accordance with applicable law and subject reasonable to clauses 20.1b and 20.1c we will place an amount equal to your Total Equity minus your Trading Credits (as and if available and as and if displayed on the platform) into a client money bank accountdo so. We will deal with your money Our policy may change in accordance with the FCA’s Bank of England base rate changes. At the date of these terms, the base rate is extremely low, this means that the sums of money involved are negligible.
24.2 The rate of interest available on Client Money accounts is significantly lower than the rate of interest which can be obtained on other bank or building society accounts. This reflects the fact that immediate access is required to client accounts in order to comply with the accounts rules and guidance, which require us to hold it facilitate the smooth completion of transactions. It is therefore unlikely that the funds will attract as much interest as if you had invested those funds yourself.
24.3 All interest arising from cleared funds held on behalf of trust will be credited to the trust whether those funds are held in a general client bank account, separating your funds from ours. Such money may be held by account or a bank with other clients’ money in a pooled separate designated client account.
(b) We 24.4 For cleared funds paid into general client accounts, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ will exercise all due skill, care and diligence account for interest unless one of the following circumstances applied:
24.4.1 The amount of interest calculated on the balance held is 20.00 or less; or
24.4.2 The client money was held in selecting cleared funds in the client account for a third-party bank to use to hold Client Money and will periodically review the adequacy and appropriateness period of any bank where your money is deposited, in accordance with the Client Money Rules5 working days or less.
(c) We will carry out reconciliations 24.5 All other Clients shall be paid interest at the close rate payable upon ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇’▇ account from time to time, unless the client has contracted out of business the right to receive interest payments (for example where the client agrees that ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ may keep interest payments to renumerate us for acting as stakeholder in a transaction or where the client’s religious beliefs prohibit the receipt of interest).
24.6 In circumstances where we open a separate designated client account, the interest accrued on each Business Day between money required to be client funds held in the separate designated client account will be credited to the Client.
24.7 Where sums of money are held in relation to separate matters for the same client, the money relating to different matters shall be treated separately unless it is fair and reasonable in the circumstances to consider the sum together.
24.8 Interest will not accrue on any advances from the practice under rule 14(2)(b) of the accounts rules to fund a payment on behalf of a client or trust in excess of funds held for that client or trust.
24.9 Where a client fails to present a cheque to his or her bank for payment we will not recalculate any amount due to the client unless it is fair and reasonable to do so, for example, if the cheque has been sent to an incorrect address.
24.10 We will usually account and to you for interest arising under our policy at the conclusion of your matter, but might, in some cases, consider it appropriate to account to you at intervals throughout.
24.11 Unless otherwise agreed by us in writing, if we receive any sums to hold on your behalf (whether received directly from you or from a third party) then we may deposit such money into an account or accounts with any bank or financial institution (a “Deposit Provider” which shall include banks, financial institutions, or clearing house through which transfers are made) of our choosing. We confirm that may be held on our own account in accordance we comply with the FCA Rules, any applicable laws and any required transfer to or from the client money bank account applicable rules of a regulatory authority in respect of your Account will take place on the following Business Day. We may carry out making of any such reconciliations and transfers more frequently, should we reasonably consider that this is necessary to protect our or your interestsdeposits.
(d) 24.12 We shall not be responsible for any loss which you or any third party may hold suffer in connection with an Insolvency Event occurring in relation to any deposited funds you pay or through whom transfers are made, save if and to the extent that any such loss was caused by or contributed to by any breach by us in unbreakable deposits (UDs) ranging from thirty (30) days duration but not exceeding ninety-five (95) days (“Long Term Deposit Accounts”). The risk of placing client money in a Long- Term Deposit account is that in the event of the firm’s insolvency the process of pooling off client money cannot start until the account has matured. Only an appropriate proportion of client money will be held in such UDs, and all such amounts will continue to comply with the FCA Client Money rules at all times. The Company does not believe that this increases the liquidity risk of the Company in a significant mannerclause 24.11.
(e) You agree that we may cease to treat money held on your behalf as client money and release it from our client money bank account(s),
i. if you have no positions and have not placed a trade in the previous six (6) years, and we have been unable to contact you. Such money will, however, remain owing to you and we will make and retain all records of all balances released from client money bank accounts under this clause and will undertake to make good any valid claims against such released balances.
ii. If any amounts owed by you to us under the Agreement are due and payable to us, in accordance with the Client Money Rules we shall cease to treat as Client Money so much of any Client Money held on your behalf as equals the those amounts. You agree that we may apply that money in or towards satisfaction of all or part of those amounts due and payable to us. 24.12.1 For the purposes of this clauseclause 24.12 an “Insolvency Event” means:
24.12.1.1 Any deposit provider is unable or admits inability to pay its debts as they fall due (or is deemed to be or declared unable to pay its debts under applicable law), suspends or threatens to suspend making payments on any such amounts owed of its debts, or by you reason of actual or anticipated financial difficulties with one or more of its creditors with a view to us under this Agreement become immediately due and payablerescheduling any of its indebtedness;
24.12.1.2 The value of the assets of any Deposit Provider is less than its liabilities (taking into account contingent or prospective liabilities);
24.12.1.3 A moratorium is declared in respect of any indebtedness of any Deposit Provider;
24.12.1.4 Any corporate or government action, without notice legal proceedings, or demand other procedure or steps taken in relation to:
24.12.1.4.1 The suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, a dministration, or reorganisation (by usway of voluntary arrangement, when incurred scheme of arrangement, or otherwise) of any deposit provider;
24.12.1.4.2 A composition, compromise, assignment, or arrangement with any creditor of any Deposit Provider or any of its assets;
24.12.1.4.3 Enforcement of any security interest (however so described) over any assets of any Deposit Provider;
24.12.1.4.4 The prevention or restriction (whether by you way of freezing order or otherwise) of a Deposit Provider’s ability to dispose of, deal with, or diminish the value of its assets.
24.12.1.4.5 Any event analogous to those described in clause 14.12.1.4 occurs in any jurisdiction in respect of any deposit provider.
24.13 If an Insolvency event occurs in relation to any Deposit Provider which holds money that we have deposited on your behalf.
, we will, where applicable, need to disclose to the Financial Services Compensation Scheme (f“FSCS”) We will not pay interest to all relevant details in our possession about you on any and the money held that we hold on your behalf with such a deposit provider in order to make a claim for compensation on your behalf. Please indicate on the enclosed Client Declaration, whether you are happy for us to disclose your information in this situation. Please note that by withholding consent to our disclosure of your details to the FSCS in such circumstances, you may forfeit any right you may have to receive compensation from FSCS where an Insolvency Event occurs in relation to a Deposit Provider holding money which we have deposited on your behalf. Compensation for deposits is limited to 85,000 for any individuals total deposit with that service provider, including any personal finances. Further detail can be found at ▇▇▇▇▇://▇▇▇.▇▇▇▇.▇▇▇.▇▇, or otherwise under clauses 20.1a, 20.1b or 20.1c and by entering into this Agreement you acknowledge that you therefore waive any entitlement to interest under the Client Money Rules or otherwise. Security interests, liens or rights of set-off are granted by the Company and are recorded within the Company’s own accounts so as to ensure that the ownership status is clear, in the event of insolvencycalling FSCS on ▇▇▇ ▇▇▇ ▇▇▇▇.
Appears in 1 contract
Sources: Terms & Conditions of Service
Client Money. (a) We have categorized you, by default and unless otherwise specified and agreed between 10.1.1. Certain monies received from you and us, as a retail client and therefore in accordance with applicable law and subject to clauses 20.1b and 20.1c we will place an amount equal to your Total Equity minus your Trading Credits (as and if available and as and if displayed on the platform) into a client money bank account. We will deal with your money in accordance with the FCA’s Client Money rules and guidance, which require us to hold it in a client bank account, separating your funds from ours. Such money may be held by a bank with other clients’ money in a pooled client account.
(b) We will exercise all due skill, care and diligence in selecting a third-party bank to use to hold Client Money and will periodically review the adequacy and appropriateness of any bank where your money is deposited, in accordance with the Client Money Rules.
(c) We will carry out reconciliations at the close of business on each Business Day between money are required to be deposited and held by us on trust in the client money bank account and money that may be held on our own a separate trust account in accordance with the FCA RulesApplicable Regulation. In our sole discretion, we may also deposit and hold other monies received from you or referable to you in such a trust account. This section is only applicable to retail clients and sophisticated investors.
10.1.2. You acknowledge that we will be under no obligation to pay interest on balances on your account (and any fees we may take from such interest) and that you are therefore waiving and foregoing any entitlement to interest (and fees if any) under the Governing Legislation or otherwise. You hereby acknowledge that we will not pay you any interest on your account and that any interest will accrue to us and (insofar as you are able and/or required transfer to or from do so) you assign and convey to us the beneficial entitlement to such interest.
10.1.3. In the event that we incur interest charges to hold client money bank account on your behalf with third party banking institutions in respect of your Account will take place on accordance with the following Business Day. We Applicable Regulation, you agree that we may carry out charge you for holding such reconciliations and transfers more frequently, should we reasonably consider that this is necessary to protect our or your interests.
(d) We may hold funds you pay to us in unbreakable deposits (UDs) ranging from thirty (30) days duration but not exceeding ninety-five (95) days (“Long Term Deposit Accounts”). The risk of placing client money on your behalf in a Long- Term Deposit account is that in the event of the firm’s insolvency the process of pooling off client money cannot start until the account has matured. Only an appropriate proportion of client money will be held in such UDs, and all such amounts will continue to comply accordance with the FCA our Client Money rules at all timesInterest Policy. The Company does not believe that this increases the liquidity risk of the Company in a significant manner.
(e) You agree that we may cease to treat any money held on your behalf deducted in accordance with our Client Money Interest Policy as client money and release it from our client money bank account(s),
i. if you have no positions and have not placed a trade us. Details of the Client Money Interest Policy are available in the previous Product Details or from one of our employees. AGthat owneRrship of that Emoney wilEl be irrevoMcably transferreEd from yoNu to T
10.1.4. In the event that there has been no movement on your account for a period of six years after the date you become entitled to a transfer of your money held in such account (6notwithstanding any payments or receipts of interest or similar items) years, and we have been are unable to contact you. Such trace you despite having taken reasonable steps to do so, such money will, however, remain owing to you shall be treated by us as unclaimed money and we will make and retain all records of all balances released from client money bank accounts under this clause and will undertake to make good any valid claims against such released balances.
ii. If any amounts owed by you to us under the Agreement are due and payable to us, dealt with in accordance with the Client provisions of the Unclaimed Money Rules we shall cease to treat as Client Money so much of any Client Money held on your behalf as equals the those amounts. You agree that we may apply that money in or towards satisfaction of all or part of those amounts due and payable to us. For the purposes of this clause, any such amounts owed by you to us under this Agreement become immediately due and payable, without notice or demand by us, when incurred by you or on your behalf▇▇▇ ▇▇▇▇ (Vic).
(f) We will not pay interest to you on any money held on your behalf or otherwise under clauses 20.1a, 20.1b or 20.1c and by entering into this Agreement you acknowledge that you therefore waive any entitlement to interest under the Client Money Rules or otherwise. Security interests, liens or rights of set-off are granted by the Company and are recorded within the Company’s own accounts so as to ensure that the ownership status is clear, in the event of insolvency.
Appears in 1 contract
Sources: Client Agreement
Client Money. (a) We have categorized you, 15.1 Any money received by default and unless otherwise specified and agreed between you and us, N+1 Singer in respect of your Account with N+1 Singer shall be treated as a retail client and therefore in accordance with applicable law and subject to clauses 20.1b and 20.1c we will place an amount equal to your Total Equity minus your Trading Credits (as and if available and as and if displayed on the platform) into a client money bank account. We will deal with your money “Client Money” in accordance with the applicable FCA’s Client Money rules Rules except where you transfer full ownership of money to N+1 Singer for, amongst other things, the purpose of security or otherwise covering present or future, actual or contingent or prospective obligations, in which circumstances such money will not be regarded as Client Money.
15.2 In relation to Client Money unless you notify us in writing or otherwise, we may hold Client Money in a Client bank account opened with either an approved bank in the United Kingdom or in any other country. Your Client Money may therefore be held outside the United Kingdom and guidancein such circumstances the legal and regulatory regime applying to the approved bank with which you bank account is opened will be different from that of the United Kingdom.
15.3 In respect of clause 15.2 we will request that the applicable bank provide the acknowledgement required by FCA’s Rules provided that in the case of a Client bank account in the United Kingdom, which require us if the bank does not provide such acknowledgement within 20 business days after we have dispatched the notice, we will (a) notify you of such fact and (b) withdraw all money standing to hold the credit of the account and deposit it in a client Client bank account, separating your funds from ours. Such money may be held by a account with another bank with other clients’ money in a pooled client accountas soon as possible.
15.4 Unless specifically agreed to the contrary we will not pay you interest on Client Money or any other unencumberedfunds.
15.5 Unless you notify us in writing or otherwise, we may allow another person, such as an exchange, a clearing house or an intermediate broker, to hold or control Client Money where we transfer the Client Money (a) for the purposes of a transaction for you through or with that person; or (b) to meet your obligations to provide collateral for a Transaction.
15.6 In the event that Client Money is transferred to a third-party, we must obtain your consent at the time of the transfer (which may be taken as standing consent for future orders). We will exercise all not transfer Client Money to third-parties unless such firms which are the recipients of the transferred Client Money hold those sums under the Client Money rules (specifically, the FCA’s CASS rules), or such recipients in our reasonable opinion, as determined by our due skill, care and diligence in selecting assessing such third party will apply adequate measures to protect the sums being transferred. We will provide you, within (7) seven days of transfer, certain post transfer notifications, including how the funds will be held by the transferee firm; the relevant applicable compensation scheme, if any, and the option to have such funds returned to you. No explicit consent is required for transfers of de-minimus amounts (£25 for retail and £100 for professional), however, you will still receive the post transfer notification.
15.7 We do not currently enter into ‘Title Transfer Collateral Arrangements’ (TTCA) with you. To the extent we were to enter into such arrangement with you in the future, we would require you to enter into a third-party bank written TTCA with us.
15.8 We do not currently enter into ‘Right to use Use’ arrangements with any of our clients. In the event that we were to hold Client Money enter into such arrangement in the future, we would consider whether such arrangement was in the client’s best interests, this consideration is uniform for both retail and professionalclients.
15.9 To the extent applicable, and with regard to delivery versus payment transactions through a commercial settlement system, you will periodically review agree with us in writing to our holding of your assets/monies within the adequacy 24 hour DVP window. With respect to Client's Purchase - the DVP window starts from the date of the client's fulfilment of its payment obligation to the firm and appropriateness closes at the earlier of any bank where your the settlement date or the third business day following the date the client fulfils its payment obligation. Where delivery of the asset to the client does not occur because the transaction has not yet settled, the firm will need to treat the money is depositedas client money until such time as delivery to the client occurs. With respect to Client's sale- the DVP window starts from the date the client fulfils its delivery obligation to the firm and closes the earlier of the settlement date or the third business day following the date the client fulfils its delivery obligation. Where payment to the client has not occurred because the transaction has not yet settled, the firm will need to treat the custody asset in accordance with the custody rules until such time as the payment to the client occurs. If the firm is still holding client money I assets after the DVP window closes, it must segregate the money I assets promptly in comply with CASS rules.
15.10 You consent to us releasing any Client Money Rules.balances, for or on your behalf, from client bank accounts and for us to treat as Client Money any unclaimed Client Money balance where:
(ca) We will carry out reconciliations at the close we have determined that there has been no movement on your balance for a period of business on each Business Day between money required to be held in the client money bank account and money that may be held on our own account in accordance with the FCA Rulessix years (notwithstanding any payments or receipts of charges, and any required transfer to interest or from the client money bank account in respect of your Account will take place on the following Business Day. We may carry out such reconciliations and transfers more frequently, should we reasonably consider that this is necessary to protect our or your interests.similar items); and
(db) We may hold funds we have attempted to communicate to you pay to us in unbreakable deposits (UDs) ranging from thirty (30) days duration but not exceeding ninety-five (95) days (“Long Term Deposit Accounts”). The risk of placing client money in a Long- Term Deposit account is that in the event of the firm’s insolvency the process of pooling off client money cannot start until the account has matured. Only an appropriate proportion of client money will be held in such UDs, and all such amounts will continue to comply with the FCA Client Money rules on at all times. The Company does not believe that this increases the liquidity risk of the Company in a significant manner.
(e) You agree that we may cease to treat money held on your behalf as client money and release it from our client money bank account(s),
i. if you have no positions and have not placed a trade in the previous six (6) yearsleast three occasions after reasonably determining contact information, and we have been unable to contact you. Such money will, however, remain owing written to you and we will at your last known address informing you of our intention of no longer treating that balance as Client Money, giving you 28 days to make a claim, provided we:
(i) shall make and retain all records of all balances released from client money your Client bank accounts under this clause and will accounts; and
(ii) undertake to make good any valid claims against such any released balances.
ii(c) The above is subject to a de Minimis threshold of £25 for retail clients and £100 for other clients in relation to client money. If There is no de Minimis threshold for client assets for unclaimed money or assets that are paid away to charity. We unconditionally undertake to make good any amounts owed by you valid claim for unclaimed money or assets paid away to us under the Agreement are due charity, and payable will maintain all records of such divestments to us, in accordance with the Client Money Rules we shall cease to treat as Client Money so much charity of any Client Money held on your behalf as equals the those amounts. You agree that we may apply that such money in or towards satisfaction of all or part of those amounts due and payable to us. For the purposes of this clause, any such amounts owed by you to us under this Agreement become immediately due and payable, without notice or demand by us, when incurred by you or on your behalfassets.
(f) We will not pay interest to you on any money held on your behalf or otherwise under clauses 20.1a, 20.1b or 20.1c and by entering into this Agreement you acknowledge that you therefore waive any entitlement to interest under the Client Money Rules or otherwise. Security interests, liens or rights of set-off are granted by the Company and are recorded within the Company’s own accounts so as to ensure that the ownership status is clear, in the event of insolvency.
Appears in 1 contract
Sources: Terms of Business
Client Money. (a) We have categorized you, by default and unless otherwise specified and agreed between you and us, as a retail client and therefore in accordance with applicable law and subject to clauses 20.1b and 20.1c we will place an amount equal to your Total Equity minus your Trading Credits (as and if available and as and if displayed on the platform) into a client money bank account. We will deal with your money in accordance with the FCA’s Client Money rules and guidance, which require us to hold it in a client bank accounttoholditinaclientbankaccount, separating your funds from ours. Such money may be held by a bank with other clients’ money in a pooled client account.
(b) We will exercise all due skill, care and diligence in selecting a third-party bank to use to hold Client Money and will periodically review the adequacy and appropriateness of any bank where your money is deposited, in accordance with the Client Money Rules.
(c) We will carry out reconciliations at the close of business on each Business Day between money required to be held in the client money bank account and money that may be held on our own account in accordance with the FCA Rules, and any required transfer to or from the client money bank account in respect of your Account will take place on the following Business Day. We may carry out such reconciliations and transfers more frequently, should we reasonably consider that this is necessary to protect our or your interests.
(d) We may hold funds you pay to us in unbreakable deposits (UDs) ranging from thirty (30) days duration but not exceeding ninety-five (95) days (“Long Term Deposit Accounts”). The risk of placing client money in a Long- Term Deposit account is that in the event of the firm’s insolvency the process of pooling off client money cannot start until the account has matured. Only an appropriate proportion of client money will be held in such UDs, and all such amounts will continue to comply with the FCA Client Money rules at all times. The Company does not believe that this increases the liquidity risk liquidityrisk of the Company in a significant inasignificant manner.
(e) You agree that we may cease to treat money held on your behalf as client money and release it from our client money bank account(s),
i. if you have no positions and have not placed a trade in the previous six (6) years, and we have been unable to contact you. Such money will, however, remain owing to owingto you and we will make and retain all records of all balances released from client money bank accounts under this clause and will undertake to make good any valid claims against such released balances.
ii. If any amounts owed by you to us under the Agreement are due and payable to us, in accordance with the Client Money Rules we shall cease to treat as Client Money so much of any Client Money held on your behalf as equals the those amounts. You agree that we may apply that money in or towards satisfaction of all or part of those amounts due and payable to us. For the purposes of this clause, any such amounts owed by you to us under this Agreement become immediately due and payable, without notice or demand by us, when incurred by you or on your behalf.
(f) We will not pay interest to you on Security interests, liens or rights of set-off over any money held on your behalf or otherwise under clauses 20.1a, 20.1b or 20.1c and by entering into this Agreement you acknowledge that you therefore waive any entitlement 20.1c, will not be paid to interest under the Client Money Rules or otherwiseyou. Security interests, liens or rights of set-off are granted by the bythe Company and are recorded within the Company’s own accounts so as to ensure that the ownership status is clear, in the event of insolvency.
Appears in 1 contract
Client Money. (a) We have categorized you11.1. By using the Services, by default and unless otherwise specified and agreed between you and us, as a retail client and therefore in accordance with applicable law and subject to clauses 20.1b and 20.1c we will place an amount equal to your Total Equity minus your Trading Credits (as and if available and as and if displayed on the platform) into a client money bank account. We will deal with your money in accordance with the FCA’s Client Money rules and guidance, which require authorise us to pool all Client Monies we hold it on your behalf in a segregated client bank account, separating your funds from ours. Such money may be held by a bank with other clients’ money in a pooled client account.
account (b) We will exercise all due skill, care and diligence in selecting a third-party bank to use to hold Client Money and will periodically review the adequacy and appropriateness of any bank where your money is deposited, in accordance with the Client Money Rules.
(c) We will carry out reconciliations at the close of business on each Business Day between money required to be held in the client money bank account and money that may be held on our own account Account), set up in accordance with the FCA RulesRules on client money, and any required transfer to or from which also holds money of other clients. Despite your Client Monies being held in the client money bank account Client Account, you retain all rights you have as the legal owner of the monies, but it must not be used as security for a loan. For the avoidance of doubt, your cash held in respect of your Account will take place on the following Business Day. We may carry out such reconciliations and transfers more frequently, should we reasonably consider that this is necessary to protect our or your interests.
(d) We may hold funds you pay to us in unbreakable deposits (UDs) ranging from thirty (30) days duration but not exceeding ninety-five (95) days (“Long Term Deposit Accounts”). The risk of placing client money in a Long- Term Deposit account is that held separately from our company money and is ring- fenced in the event of firm failure.
11.2. The Client Account will be maintained in an appropriately designated and named client, sterling denominated bank account at a UK bank authorised and regulated by the firm’s insolvency FCA. Banks currently used are HSBC and Lloyds Bank.
11.3. We will hold your Client Money in strict accordance with the process requirements of pooling off the FCA Rules on client money. This means that if the bank becomes insolvent, we will attempt to recoup the money on your behalf. If the bank cannot start until repay all the money it owes its clients this could result in a shortfall. We will treat money held in the Client Account as pooled, which means that any shortfall will be shared proportionally with other clients of ours whose money is held in that Client Account. You may not recover all of your Client Money. In this situation, you may be eligible to make a claim under the FSCS. For more information on the FSCS, please see clause 21.
11.4. Interest will be payable on the Client Monies held on your behalf. The interest accrued will be credited to your account has maturedevery quarter (without any deduction for tax), although please note this arrangement is subject to change. Only an appropriate proportion of client money As mentioned in clause 8.4, a cash balance will be held on deposit to facilitate the payment of Fees.
11.5. Client Monies shall be held in such UDsthe Client Account until the Client Monies are used to invest in Assets or to facilitate fees as noted in clause 10.4.
11.6. If the Client Monies held by us are £25 or less, and all such amounts will continue to comply with the FCA Client Money rules there has been no movement in your balance for at all times. The Company does not believe that this increases the liquidity risk of the Company in a significant manner.
least six years (e) You agree that disregarding any payment, charges or similar items), we may cease to treat your money held on your behalf as client money Client Monies and release remove it from our client money bank account(s),
i. if you have no positions and have not placed a trade in the previous six (6) yearsClient Account. Before doing so, and we have been unable to contact you. Such money will, however, remain owing will write to you and we will make and retain all records at your last known postal address giving you at least 28 calendar days’ notice of all balances released from client money bank accounts under this clause and will undertake our intention to make good any valid claims against such released balances.
ii. If any amounts owed by you to us under the Agreement are due and payable to us, in accordance with the Client Money Rules we shall cease to treat the money we hold for you as Client Money so much Monies and remove it from the Client Account. If no claim is made by you by the end of any Client Money held on your behalf as equals the those amounts. You agree 28 day notice period, we will pay this money to a registered charity of our choice but we will retain a record of the balance that we may apply that money in or towards satisfaction of all or part of those amounts due and payable to uswere holding for you. For the purposes of If you later claim this clausebalance, any such amounts owed by you to us under this Agreement become immediately due and payable, without notice or demand by us, when incurred by you or on your behalf.
(f) We will not pay interest be entitled to you any interests which would otherwise have accrued on any this money held on your behalf or otherwise under clauses 20.1a, 20.1b or 20.1c and during the period over which it was unclaimed by entering into this Agreement you acknowledge that you therefore waive any entitlement to interest under the Client Money Rules or otherwise. Security interests, liens or rights of set-off are granted by the Company and are recorded within the Company’s own accounts so as to ensure that the ownership status is clear, in the event of insolvencyyou.
Appears in 1 contract
Client Money. (a) We have categorized you, by default and unless otherwise specified and agreed between you and us, as a retail client and therefore in accordance with applicable law and subject 14.1 Subject to clauses 20.1b and 20.1c we will place an amount equal to your Total Equity minus your Trading Credits (as and if available and as and if displayed on the platform) into a client money bank account. We will deal with your money in accordance with the FCA’s Client Money rules and guidance, which require us to hold it in a client bank account, separating your funds from ours. Such money may be held by a bank with other clients’ money in a pooled client account.
(b) We will exercise all due skill, care and diligence in selecting a third-party bank to use to hold Client Money and will periodically review the adequacy and appropriateness of any bank where your money is deposited, in accordance with the Client Money Rules.
(c) We will carry certain conditions set out reconciliations at the close of business on each Business Day between money required to be held in the client money bank account SRA Accounts Rules and money that may be held on our own account in accordance with the FCA Rulesinterest payment policy, and any required transfer to or from the client money bank account in respect a fair sum of your Account will take place on the following Business Day. We may carry out such reconciliations and transfers more frequently, should we reasonably consider that this is necessary to protect our or your interests.
(d) We may hold funds you pay to us in unbreakable deposits (UDs) ranging from thirty (30) days duration but not exceeding ninety-five (95) days (“Long Term Deposit Accounts”). The risk of placing client money in a Long- Term Deposit account is that in the event of the firm’s insolvency the process of pooling off client money cannot start until the account has matured. Only an appropriate proportion of client money interest will be held in such UDs, and all such amounts will continue accounted to comply with the FCA Client Money rules at all times. The Company does not believe that this increases the liquidity risk of the Company in a significant manner.
(e) You agree that we may cease to treat you on client money held on your behalf as .
14.2 Our interest payment policy seeks to provide for a fair outcome for both our clients and this practice.
14.3 For cleared funds paid into general client accounts, the practice shall account for interest unless one of the following circumstances applies:
(a) The amount of interest calculated on the balance held is £20.00 or less; or
(b) The client money and release it was held in cleared funds in client account for a period of five working days or less.
14.4 All other clients shall be paid interest at the rate payable upon the practice’s client account from our time to time, unless there are specific circumstances which lead the client money bank account(s),
i. if you have no positions and have not placed a trade to contract out of the right to receive interest payments (for example where the client agrees the practice may keep interest payments to remunerate the practice for acting as stakeholder in the previous six (6) yearstransaction or where the client’s religious beliefs prohibit the receipt of interest).
14.5 Where sums of money are held in relation to separate matters for the same client, the money relating to the different matters shall be treated separately unless it is fair and reasonable in the circumstances to consider the sums together.
14.6 Where a client fails to present a cheque to his or her bank for payment we have will not recalculate any amount due to the client unless it is fair and reasonable to do so, for example if the cheque has been unable sent to contact you. Such money will, however, remain owing an incorrect address.
14.7 We will usually account to you and we will make and retain all records for interest arising under our policy at the conclusion of all balances released from client money bank accounts under this clause and will undertake your matter, but might, in some cases, consider it appropriate to make good any valid claims against such released balancesaccount to you at intervals throughout.
ii. If 14.8 Unless otherwise agreed by us in writing, if we receive any amounts owed by you sums to us under the Agreement are due and payable to us, in accordance with the Client Money Rules we shall cease to treat as Client Money so much of any Client Money held hold on your behalf as equals the those amounts(whether received directly from you or from a third party) then we may deposit such money into an account or accounts with any bank or financial institution (a “deposit provider” which expression shall include bank, financial institution or clearing house through which transfers are made) of our choosing. You agree We confirm that we may apply that money comply with any applicable laws and any applicable rules of a regulatory authority in or towards satisfaction respect of all or part the making of those amounts due and payable to us. For the purposes of this clause, any such amounts owed by you to us under this Agreement become immediately due and payable, without notice or demand by us, when incurred by deposits.
14.9 We shall not be liable for any loss which you or on your behalfany third party may suffer in connection with an Insolvency Event occurring in relation to any deposit provider with whom we have deposited funds or through whom transfers are made, save if and to the extent that any such loss was caused by or contributed to by any breach by us of clause14.8.
(f) We will not pay interest to you on any money held on your behalf or otherwise under clauses 20.1a, 20.1b or 20.1c and by entering into this Agreement you acknowledge that you therefore waive any entitlement to interest under the Client Money Rules or otherwise. Security interests, liens or rights of set-off are granted by the Company and are recorded within the Company’s own accounts so as to ensure that the ownership status is clear, in the event of insolvency.14.10 In clause 14.9 an “Insolvency Event” means:
Appears in 1 contract
Sources: Terms of Business
Client Money. (a) We have categorized you11.1. By using the Services, by default and unless otherwise specified and agreed between you and us, as a retail client and therefore in accordance with applicable law and subject to clauses 20.1b and 20.1c we will place an amount equal to your Total Equity minus your Trading Credits (as and if available and as and if displayed on the platform) into a client money bank account. We will deal with your money in accordance with the FCA’s Client Money rules and guidance, which require authorise us to pool all Client Monies we hold it on your behalf in a segregated client bank account, separating your funds from ours. Such money may be held by a bank with other clients’ money in a pooled client account.
account (b) We will exercise all due skill, care and diligence in selecting a third-party bank to use to hold Client Money and will periodically review the adequacy and appropriateness of any bank where your money is deposited, in accordance with the Client Money Rules.
(c) We will carry out reconciliations at the close of business on each Business Day between money required to be held in the client money bank account and money that may be held on our own account Account), set up in accordance with the FCA RulesRules on client money, and any required transfer to or from which also holds money of other clients. Despite your Client Monies being held in the client money bank account Client Account, you retain all rights you have as the legal owner of the monies but it must not be used as security for a loan. For the avoidance of doubt, your cash held in respect of your Account will take place on the following Business Day. We may carry out such reconciliations and transfers more frequently, should we reasonably consider that this is necessary to protect our or your interests.
(d) We may hold funds you pay to us in unbreakable deposits (UDs) ranging from thirty (30) days duration but not exceeding ninety-five (95) days (“Long Term Deposit Accounts”). The risk of placing client money in a Long- Term Deposit account is that held separately from our company money and is ring- fenced in the event of firm failure.
11.2. The Client Account will be maintained in an appropriately designated and named client, sterling denominated bank account at a UK bank authorised and regulated by the firm’s insolvency FCA. Banks currently used are HSBC and Lloyds Bank.
11.3. We will hold your Client Money in strict accordance with the process requirements of pooling off the FCA Rules on client money. This means that if the bank becomes insolvent, we will attempt to recoup the money on your behalf. If the bank cannot start until repay all the money it owes its clients this could result in a shortfall. We will treat money held in the Client Account as pooled, which means that any shortfall will be shared proportionally with other clients of ours whose money is held in that Client Account. You may not recover all of your Client Money. In this situation, you may be eligible to make a claim under the FSCS. For more information on the FSCS, please see clause 21.
11.4. Interest will be payable on the Client Monies held on your behalf. The interest accrued will be credited to your account has maturedevery quarter (without any deduction for tax), although please note this arrangement is subject to change. Only an appropriate proportion of client money As mentioned in clause 8.4, a cash balance will be held on deposit to facilitate the payment of Fees.
11.5. Client Monies shall be held in such UDsthe Client Account until the Client Monies are used to invest in Assets or to facilitate fees as noted in clause 10.4.
11.6. If the Client Monies held by us are £25 or less, and all such amounts will continue to comply with the FCA Client Money rules there has been no movement in your balance for at all times. The Company does not believe that this increases the liquidity risk of the Company in a significant manner.
least six years (e) You agree that disregarding any payment, charges or similar items), we may cease to treat your money held on your behalf as client money Client Monies and release remove it from our client money bank account(s),
i. if you have no positions and have not placed a trade in the previous six (6) yearsClient Account. Before doing so, and we have been unable to contact you. Such money will, however, remain owing will write to you and we will make and retain all records at your last known postal address giving you at least 28 calendar days’ notice of all balances released from client money bank accounts under this clause and will undertake our intention to make good any valid claims against such released balances.
ii. If any amounts owed by you to us under the Agreement are due and payable to us, in accordance with the Client Money Rules we shall cease to treat the money we hold for you as Client Money so much Monies and remove it from the Client Account. If no claim is made by you by the end of any Client Money held on your behalf as equals the those amounts. You agree 28 day notice period, we will pay this money to a registered charity of our choice but we will retain a record of the balance that we may apply that money in or towards satisfaction of all or part of those amounts due and payable to uswere holding for you. For the purposes of If you later claim this clausebalance, any such amounts owed by you to us under this Agreement become immediately due and payable, without notice or demand by us, when incurred by you or on your behalf.
(f) We will not pay interest be entitled to you any interests which would otherwise have accrued on any this money held on your behalf or otherwise under clauses 20.1a, 20.1b or 20.1c and during the period over which it was unclaimed by entering into this Agreement you acknowledge that you therefore waive any entitlement to interest under the Client Money Rules or otherwise. Security interests, liens or rights of set-off are granted by the Company and are recorded within the Company’s own accounts so as to ensure that the ownership status is clear, in the event of insolvencyyou.
Appears in 1 contract