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
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. 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.
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 line with a strict agency agreement known as a ‘Risk Transfer’, which is when an insurance intermediary such as us acts as agent for an insurer to receive and handle premiums, claims money and premium refunds. The insurer bears the risk for any losses that may arise from the failure of an intermediary to make a transfer of premiums, claims money or premium refunds. Such failure could occur, for example, because it is lost through either party’s insolvency. Any interest we earn on client money and any investment returns will be retained by us for our own use. In some cases your premium may be paid to someone other than your insurer - for instance we may pay your premium to another broker who has arranged the policy. If this is the case we will use appropriate skill, care and judgment in our selection of third parties in order to ensure adequate protection of client money. OUR REMUNERATION Our remuneration will be a commission, which is a percentage of insurance premiums, paid by you and allowed to us by the insurer with whom the insurance contract is placed. We may also receive commission for any finance agreement entered into by you for the payment of your premium. You have the right to request details of all insurance commissions earned by us. If appropriate, and with your consent, we may receive a fee and commission.
CLIENT MONIES. We shall not be liable for loss of client monies or considered negligent for loss of client monies in any way due to the choice of the bank at which we keep our clients’ money including, but not limited to, any liquidation or administrative proceedings which the bank may enter into voluntarily or otherwise (“a termination event”) while our clients’ money is deposited with it, nor shall we be liable to make any payment to any client in respect of any amounts which we have paid to the bank which may be irrecoverable from the bank as a result of a termination event. The current Financial Services Compensation Scheme (FSCS) limit of £85,000 compensation applies to each claim (this is not available to corporate clients unless they qualify as small companies), so if a client holds other personal monies at the same bank as we are holding that client’s monies, the limit remains £85,000 in total. Note that some banks have several brands, where the same institution is trading under different names. You should check either with your bank, the Financial Conduct Authority or a financial adviser for more information. In the unlikely event that it becomes necessary because of a bank failure we assume you consent to the disclosure to FSCS of your details unless you advise us otherwise.
CLIENT MONIES. 3.1 Lancaster Guernsey is not licensed to undertake banking activity and does not accept deposits.
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. 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.
CLIENT MONIES. The company will issue sales invoices to the Client once the week’s payroll data has been processed. The Client will make payment of these invoices into a bank account, which has been designated as a client bank account. The client bank account will be operated by the Company in accordance with the rules on client accounts issued by the Institute of Accountants of England and Wales and as such the funds are to be held separately from the assets of the Company. The required payment will be made by the Client to ensure funds are received in the account by 12noon Thursday at the latest. The Company will transfer the funds out of the client account into its main account on the Friday morning once it has received confirmation from the Client that it is authorised to do so. If no authorisation is received, the Company will be entitled to make the transfer provided it has paid the relevant representatives as shown on the payroll data supplied to the Client.
