Client Money. We are not authorised to handle client money; any payments received from you or which need to be refunded to you, will be held by Coversure Insurance Services Limited. Client money is money that is received and held on behalf of our clients during the course of our dealings such as premium payments, premium refunds and claim payments. This money will be held either as agent of the insurer or agent of the client, determined by the agreement in place with each insurer. Where money is held as agent of the insurer, this means that when your cleared premium funds are received, the premium is deemed to have been paid to the insurer. The FCA require that all client monies, including yours, are held in a trust account, the purpose of which is to protect you in the event of our financial failure since, in such circumstances, our general creditors would not be able to make claims on client money as it will not form part of our assets. Coversure Insurance Services Limited hold all client monies with one or more approved banks, as defined by the FCA, in a Non-Statutory Trust bank account in accordance with the FCA client money rules. Under these arrangements, Coversure Insurance Services Limited assume responsibility for such monies and are permitted to, and may: • Use such monies received on behalf of one customer to pay another customer’s premium, before the premium is received from that other customer. However, we are not entitled to pay ourselves commissions before we receive the relevant premium from the customer; • For the purpose of effecting a transaction on your behalf, pass your money to another intermediary, including those resident outside the UK who would therefore be subject to different legal and regulatory regimes. In the event of a failure of the intermediary, this money may be treated in a different manner from that which would apply if the money were held by an intermediary in the UK. Please inform us if you do not agree to this. • Retain for our own use, any interest earned on client money. Unless we receive your written instruction to the contrary, we shall treat receipt of payment from you and of any claim payment and/or refund of premium which falls due to you, as being with your informed consent to the payment of those moneys into our Non-Statutory Trust bank account.
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. We are not permitted to handle client money and we cannot accept a cheque made out to us (unless it is in respect of an item for which we have sent you an invoice) or handle cash.
Client Money. 1.1 The Company shall not account to the Client for profits or interest earned on Client money (other than profit gained through trading Transactions from his Client Account(s) under this Agreement) and the Client waives all right to interest.
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. 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: It is held on Your behalf in a segregated bank account that is subject to a non-statutory trust. The aim of the trust is to protect You in the event of Our financial failure, or the failure of the bank or a third party at which the money may be held. In such a circumstance, Our general creditors (or those of the bank or third party) should not be able to make claims on client money, as such money will not form part of Our (or the bank’s or third party’s) property. 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. Risk transfer applies where money is held by Us as agent of a relevant insurer in accordance with a written agreement with that insurer. The written agreement will specify the extent to which risk transfer will apply and whether it includes all items of money or is restricted; for example, to the receipt of premiums. 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. Segregation of bank accounts 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.
Client Money. We treat money received from you or held by us on your behalf in accordance with the requirements of the Client Money Rules.
Client Money. FIM operates a pooled arrangement for holding client money in accordance with The FSA Financial Services Rule Book. What is a client bank account? A client bank account is a bank account held by, and in the name of, FIM Capital Limited Client Account, in which we will hold your money on trust for you while it remains in the account. All money held in a client bank account is referred to as client money. A client bank account is specially created by us for the purpose of holding your money and the money of other clients. The client bank account is segregated from any other bank account in our name holding money which is our money. All client bank accounts are held at recognised banks. A recognised bank is a bank which holds a licence issued by The FSA for deposit taking or is authorised under the law of another acceptable country or territory to carry on activities corresponding to deposit taking. A general client bank account usually holds money of several clients. The money may be held at one bank or the money may be in multiple bank accounts spread across several banks. In the event of a default of a bank where we have a general client bank account, client monies held in all of our general client bank accounts will be pooled (even if money is held in more than one general client bank account and the accounts are held in more than one bank). In this situation, each client who has money in the general client bank account will lose an equal proportion of their money, whether or not the bank your client money is held with is in default. This loss will be adjusted by any compensation arrangements in place.
Client Money. 5.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company and held in accordance with Applicable Regulations.
Client Money. For your additional security WE DO NOT HANDLE CLIENTS' MONEY. We never accept a cheque made payable to us (unless it is in settlement of our fees or other charges or disbursements for which we have sent you an invoice). Cheques for investment will be required to be paid direct to the product provider. We do not handle cash.
