CLIENT MONIES Sample Clauses
The 'Client Monies' clause defines how funds belonging to the client, but held by a service provider or agent, are to be managed and safeguarded. Typically, this clause requires that such monies be kept in a separate, designated account and not mixed with the provider’s own funds, ensuring clear segregation and traceability. Its core practical function is to protect the client’s financial interests by preventing misuse or misappropriation of their funds, thereby fostering trust and compliance with regulatory requirements.
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CLIENT MONIES. We will hold client monies (generally premium and claims monies we receive and hold on behalf of our clients in the course of carrying on insurance mediation activities) in segregated non-statutory trust accounts, established and maintained in accordance with Client Assets rules of the Financial Conduct Authority, or as designated client money investments permitted by the rules. Where we consider it appropriate, the rules permit us to use monies from our non-statutory trust accounts for short- period funding of premium and claims settlements on behalf of clients. We will retain for our own use, any interest we earn on client monies passing through our bank accounts and any investment returns we make on permitted designated investments. In certain circumstances, we may receive and hold insurance monies as agent for the insurer(s)/underwriter(s), for example where business is accepted under a binding authority. We will advise you beforehand where this situation applies. Client Assets rules allow such insurance monies to be co-mingled with client monies subject to certain criteria being met, including inter-alia, those that insurers/underwriters rank as a second preferred creditor in the event of a default.
CLIENT MONIES. Where any monies are held in Form-A-Co’s Client Account for an intermediary period, no interest will be paid unless otherwise agreed.
CLIENT MONIES. This clause is subject to any legal or regulatory requirements or Rules to the contrary (including but not limited to any FCA regulations) or requirements and obligations arising by reason of any contractual arrangement or agency between the Us or You and any Insurer, which pre-dates this agreement. When We receive any monies from You or hold money due to You, it will be held by Us in one of two ways
(a) as agent for the Insurer concerned or
(b) on Your behalf within a non-statutory trust client account. If We receive monies (premiums or claims) as agent of the Insurers concerned, We hold it on their behalf. This means, for example, that if you pay a premium to Us, it is treated as having been received by the Insurer and You cannot be asked to pay again, for example if We do not pay it to the Insurer.
CLIENT MONIES. 3.1 Subject to Applicable Law, we may deposit any cash held in any Accounts in one or more segregated account(s) with any financial institution.
3.2 You authorise us to place, withdraw and renew cash deposits in such currencies on your behalf and to debit the Accounts for any such deposits placed or renewed and to credit the Accounts for deposits withdrawn.
3.3 You agree that we may retain all or part of the interest accrued on all amounts held by us for or on account of you or pay to you interest on such amount at such rate as we may determine and notify you.
CLIENT MONIES. 9.1 We will hold money on your account. That money will be held in in a client account.
9.2 In order to avoid excessive amounts of administration, interest will only be paid to you where the amount of interest earned on the balances held on your account in any calendar year exceeds £25. Any such interest would be calculated using the prevailing rate applied by Barclays Bank for small deposits subject to the minimum period of notice for withdrawals. Subject to any legislation, interest will be paid gross. T&C 16(06/21) Page 3 of 9 T 0330 333 4130 F 01225 667 901 E ▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇ ▇▇▇▇▇ ▇▇▇▇ & ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Legal Consultant: Registered Office: Education Advocacy U.K. Ltd, ▇▇▇▇ ▇▇, ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ ▇▇▇
CLIENT MONIES. 8.1 When IML is in receipt of client monies these will initially be held in individual segregated client bank accounts, with a bank nominated by Intelligent Money Trustees Limited.
CLIENT MONIES. Any of the Client’s reservation/commitment/deposit monies paid directly to ▇▇▇▇ ▇▇▇▇▇▇ Property Ltd. in relation to a Deal will be held in trust in a client account, segregated from ▇▇▇▇ ▇▇▇▇▇▇ Property Ltd. funds. No interest will be payable to the Client on funds held in the Client bank account. Should a refund of reservation/commitment/deposit monies be required, ▇▇▇▇ ▇▇▇▇▇▇ Property Ltd. will only refund such monies held, back to the originator account.
CLIENT MONIES. This clause is subject to any legal or regulatory requirements to the contrary (including but not limited to any FSA regulations or requirements and obligations arising by reason of any contractual arrangement or agency between the broker or sub-broker and any insurer which pre-dates this agreement)". The Broker will hold all regulated Client and where permitted (re)insurer monies in a (non)statutory trust in accordance with the FSA Rules (In the United Kingdom) The Sub-Broker will hold all Client and (re)insurer monies in a (non)statutory trust in accordance with the FSA Rules (In another EEA Member State) The Sub-Broker will hold Client and insurer monies in accordance with any rules laid down by the home supervisory authority (Outside the EEA) The Sub-Broker will hold client and insurer monies in accordance with any rules laid down by the Home supervisory authority. Where no such regulations exist, the Sub-Broker will hold such funds in a segregated account separate from any other account but not specific to this Agreement, in an amount at least equal to the premiums and return premiums, net of commissions, received by him and unpaid to the persons entitled thereto.
CLIENT MONIES. 9.1 We will hold money on your account. That money will be held in trust in a client bank account which is segregated from the Company accounts.
9.2 In order to avoid excessive amounts of administration, interest will only be paid to you where the amount of interest earned on the balances held on your account in any calendar year exceeds £25. Any such interest would be calculated using the prevailing rate applied by Barclays Bank for small deposits subject to the minimum period of notice for withdrawals. Subject to any legislation, interest will be paid gross.
CLIENT MONIES. When in receipt of client monies this will initially be held in individual segregated client bank accounts, with a bank nominated by Intelligent Money Trustees Limited or Intelligent Money Nominees Limited, as appropriate.