Common use of Client and insurer money Clause in Contracts

Client and insurer money. 10.1. We are authorised to handle client monies, however for the purposes of general insurance activities all client money is handled by BBPS Ltd. Details of who BBPS Ltd are shown in section 2 above. BBPS Ltd hold all client money in a trust account, the purpose of which is to protect you in the event of financial failure since, in such circumstances, general creditors would not be able to make claims on client money. 10.2. If BBPS Ltd hold money on a client’s behalf, it will be held in a trust fund that is separate from their own cash assets. These separate trust fund arrangements are commonly known as ‘client money’. If they were ever unable to pay their debts, then those to whom they owe money (their creditors) should not be able to make claims on their client money in the separate trust funds as it does not form part of their own cash assets. 10.3. The trust arrangement BBPS Ltd use for client money is known as a non-statutory trust. Here, they may use premiums and claims monies they receive to fund other clients’ premiums and claims; for example they may pay a premium on to an insurer before they have received it from the client if they believe it is in the best interests of that client. 10.4. BBPS Ltd have agreements with some insurers (known as ‘risk transfer agreements’). Under these risk transfer agreements the insurers agree that they are responsible to you for any premium that you have already paid to us and that the insurer remains responsible for any premium refunds or claims payments until the premium refund or claim payment is received by you. In this case BBPS Ltd may hold client money due to or from the insurers in the same trust fund. 10.5. Where BBPS Ltd do not have risk transfer agreements in place with insurers, the client money they hold will still be protected within the non- statutory trust. Money held as client money has priority over insurers to the money in the trust fund as insurers granting risk transfer have agreed to subordinate their interests in the trust to those of BBPS Ltd non risk transfer clients. 10.6. BBPS Ltd do not use client money to pay commission before they receive your premium. 10.7. When BBPS Ltd hold client money on trust for you this gives rise to fiduciary duties upon them that will not be discharged until the client money is deemed to have reached the insurer or product provider (as detailed above, this is when they receive premium in case of risk transfer agreements). 10.8. Without affecting BBPS Ltd's fiduciary duties to you, in some cases they may: • hold client money in accounts which are outside of the United Kingdom and which may be subject to different legal and regulatory conditions and may treat money differently in the event of a bank failing. If you are a consumer (a person who buys products or services for personal use and not for business purposes) you can ask them not to put your client money in an account in a particular country. • pass client money to another intermediary, including ones outside of the United Kingdom where different legal and regulatory conditions apply and where money may be treated differently in the event of an intermediary failing. If you are a consumer, you can ask them to pass your money to an intermediary outside of the United Kingdom or in a particular country. • arrange to hold certain investments with a value at least equal to the money that would otherwise have been paid into a separate client account. If they do this, they will be responsible for meeting any shortfall in the client money funds if the shortfall is due to a reduction in the market value of those investments. 10.9. If, in the process of handing client money, they earn interest or benefit from investment income or from foreign rate movements, they will keep any such amounts.

Client and insurer money. 10.114.1. We are not authorised to handle client monies, however for the purposes of general insurance activities ; all client money is handled by BBPS Ltd. Details of who BBPS Ltd are shown in section 2 above. BBPS Ltd hold holds all client money in a trust account, the purpose of which is to protect you in the event of financial failure since, in such circumstances, general creditors would not be able to make claims on client money. 10.214.2. If BBPS Ltd hold holds money on a client’s behalf, it will be held in a trust fund that is separate from their its own cash assets. These separate trust fund arrangements are commonly known as ‘client money’. If they were BBPS Ltd was ever unable to pay their its debts, then those to whom they owe it owes money (their BBPS Ltd’s creditors) should would not be able to make claims on their the client money in the separate trust funds as it does not form part of their BBPS Ltd’s own cash assets. 10.314.3. The trust arrangement BBPS Ltd use uses for client money is known as a non-statutory trust. Here, they BBPS Ltd may use premiums premium and claims monies they receive it receives to fund other clients’ premiums and claims; for example they example, BBPS Ltd may pay a premium on to an insurer before they have it has received it from the client if they believe it believes it is in the best interests of that client. 10.414.4. BBPS Ltd have has agreements with some insurers (known as ‘risk transfer agreements’). Under these risk transfer agreements agreements, the insurers agree that they are responsible to you for any premium that you have already paid to us and that the insurer remains responsible for any premium refunds or claims payments until the premium refund or claim payment is received by you. In this case BBPS Ltd may hold client money due to or from the insurers in the same trust fund. 10.514.5. Where BBPS Ltd do does not have risk transfer agreements in place with insurers, the client money they hold it holds will still be protected within the non- non-statutory trust. Money held as client money has priority over insurers to the money in the trust fund as insurers granting risk transfer have agreed to subordinate their interests in the trust to those of BBPS Ltd Ltd’s non risk transfer clients. 10.614.6. BBPS Ltd do does not use client money to pay commission before they receive it receives your premium. 10.714.7. When BBPS Ltd hold holds client money on in trust for you this gives rise to fiduciary duties upon them it that will not be discharged until the client money is deemed to have reached the insurer or product provider (as detailed above, this is when they receive BBPS Ltd receives premium in case of risk transfer agreements). 10.814.8. Without affecting BBPS Ltd's fiduciary duties to you, in some cases they it may: • ▪ hold client money in accounts which are outside of the United Kingdom and which may be subject to different legal and regulatory conditions and may treat money differently in the event of a bank failing. If you are a consumer (a person who buys products or services for personal use and not for business purposes) you can ask them BBPS Ltd not to put your client money in an account in a particular country. • ▪ pass client money to another intermediary, including ones outside of the United Kingdom where different legal and regulatory conditions apply and where money may be treated differently in the event of an intermediary failing. If you are a consumer, you can ask them BBPS Ltd not to pass your money to an intermediary outside of the United Kingdom or in a particular country. • ▪ arrange to hold certain investments with a value at least equal to the money that would otherwise have been paid into a separate client account. If they do BBPS Ltd does this, they it will be responsible for meeting any shortfall in the client money funds if the shortfall is due to a reduction in the market value of those investments. 10.914.9. If, in the process of handing client money, they earn BBPS Ltd earns interest or benefit benefits from investment income or from foreign rate movements, they BBPS Ltd will keep any such amounts.

Client and insurer money. 10.112.1. We are The firm named in the heading is not authorised to handle client monies, however for the purposes of general insurance activities all client money is handled by BBPS Ltd. Details of Ltd who BBPS Ltd are shown in section 2 above. BBPS Ltd hold holds all client money in a trust account, the purpose of which is to protect you in the event of financial failure since, in such circumstances, general creditors would not be able to make claims on client money. 10.212.2. If BBPS Ltd hold money on a client’s behalf, it will be held in a trust fund that is separate from their own cash assets. These separate trust fund arrangements are commonly known as ‘client money’. If they were ever unable to pay their debts, then those to whom they owe money (their creditors) should not be able to make claims on their all client money in a Non-Statutory Trust bank account in accordance with the separate trust funds as it does not form part of their own cash assets. 10.3. The trust arrangement BBPS Ltd use for FCA client money is known as a non-statutory trust. Here, they may use premiums and claims monies they receive to fund other clients’ premiums and claims; for example they may pay a premium on to an insurer before they have received it from the client if they believe it is in the best interests of that client. 10.4. BBPS Ltd have agreements with some insurers (known as ‘risk transfer agreements’)rules. Under these risk transfer agreements the insurers agree that they arrangements, BBPS Ltd assume responsibility for such monies and are responsible permitted to, and may: 12.2.1. Use such monies received on behalf of one customer to you for any premium that you have already paid to us and that the insurer remains responsible for any premium refunds or claims payments until pay another customer’s premium, before the premium refund or claim payment is received by youfrom that other customer. In this case However, BBPS Ltd may hold client money due are not entitled to or pay ourselves commissions before BBPS Ltd receive the relevant premium from the insurers in customer; 12.2.2. For the same trust fund. 10.5. Where BBPS Ltd do not have risk transfer agreements in place with insurerspurpose of effecting a transaction on your behalf, the client money they hold will still be protected within the non- statutory trust. Money held as client money has priority over insurers to the money in the trust fund as insurers granting risk transfer have agreed to subordinate their interests in the trust to those of BBPS Ltd non risk transfer clients. 10.6. BBPS Ltd do not use client pass your money to pay commission before they receive your premium. 10.7. When BBPS Ltd hold client money on trust for you this gives rise to fiduciary duties upon them that will not be discharged until another intermediary, including those resident outside the client money is deemed to have reached the insurer or product provider (as detailed aboveUK, this is when they receive premium in case of risk transfer agreements). 10.8. Without affecting BBPS Ltd's fiduciary duties to you, in some cases they may: • hold client money in accounts which are outside of the United Kingdom and which may who would therefore be subject to different legal and regulatory conditions and may treat money differently in regimes. In the event of a bank failing. If you are a consumer (a person who buys products or services for personal use and not for business purposes) you can ask them not to put your client money in an account in a particular country. • pass client money to another failure of the intermediary, including ones outside of the United Kingdom where different legal and regulatory conditions apply and where this money may be treated differently in a different manner from that which would apply, if the money were held by an intermediary in the event of an intermediary failingUK. If Please inform us if you are a consumerdo not agree to this. 12.2.3. Retain for their own use, you can ask them to pass your any interest earned on client money. 12.3. Your money to an intermediary outside will be held either as agent of the United Kingdom insurer or in a particular countryagent of the client, depending on which insurer(s) your insurance has been placed with. • arrange Where money is held as agent of the insurer, this means that when BBPS Ltd have received your cleared premium, it is deemed to hold certain investments with a value at least equal to the money that would otherwise have been paid into a separate client accountto the insurer. 12.4. If they do thisUnless we receive your written instruction to the contrary, they will be responsible for meeting BBPS Ltd shall treat receipt of payment from you and of any shortfall in the client money funds if the shortfall is claim payment and/or refund of premium which fall due to a reduction in you, as being with your informed consent to the market value payment of those investmentsmonies into the Non Statutory Trust bank account. 10.9. If, in the process of handing client money, they earn interest or benefit from investment income or from foreign rate movements, they will keep any such amounts.

Client and insurer money. 10.1. We are authorised to handle client monies, however for the purposes of general insurance activities all client money is handled by BBPS Ltd. Details of who BBPS Ltd are are shown in section 2 above. BBPS Ltd hold all client money in a trust account, the purpose of which is to protect you in the event of financial failure since, in such circumstances, general creditors would not be able to make claims on client money. 10.2. If BBPS Ltd hold money on a client’s behalf, it will be held in a trust fund that is separate from their own cash assets. These separate trust fund arrangements are commonly known as ‘'client money’'. If they were ever unable to pay their debts, then those to whom they owe money (their creditors) should not be able to make claims on their client money in the separate trust funds as it does not form part of their own cash assets. 10.3. The trust arrangement BBPS Ltd use for client money is known as a non-statutory trust. Here, they may use premiums and claims monies they receive to fund other clients’ premiums and claims; for example they may pay a premium on to an insurer before they have received it from the client if they believe it is in the best interests of that client. 10.4. BBPS Ltd have agreements with some insurers (known as ‘'risk transfer agreements’'). Under these risk transfer agreements the insurers agree that they are responsible to you for any premium that you have already paid to us and that the insurer remains responsible for any premium refunds or claims payments until the premium refund or claim payment is received by you. In this case BBPS Ltd may hold client money due to or from the insurers in the same trust fund. 10.5. Where BBPS Ltd do not have risk transfer agreements in place with insurers, the client money they hold will still be protected within the non- statutory trust. Money held as client money has priority over insurers to the money in the trust fund as insurers granting risk transfer have agreed to subordinate their interests in the trust to those of BBPS Ltd non risk transfer clients. 10.6. BBPS Ltd do not use client money to pay commission before they receive your premium. 10.7. When BBPS Ltd hold client money on trust for you this gives rise to fiduciary duties upon them that will not be discharged until the client money is deemed to have reached the insurer or product provider (as detailed above, this is when they receive premium in case of risk transfer agreements). 10.8. Without affecting BBPS Ltd's fiduciary duties to you, in some cases they may: • hold client money in accounts which are outside of the United Kingdom and which may be subject to different legal and regulatory conditions and may be treat money differently in the event of a an bank failing. If you are a consumer (a person who buys products or services for personal use and not for business purposes) you can ask them not to put your client money in an account in a particular country. • pass client money to another intermediary, including ones outside of the United Kingdom where different legal and regulatory conditions apply and where money may be treated differently in the event of an intermediary failing. If you are a consumer, you can ask them to pass your money to an intermediary outside of the United Kingdom or in a particular country. • arrange to hold certain investments with a value at least equal to the money that would otherwise have been paid into a separate client account. If they do this, they will be responsible for meeting any shortfall in the client money funds if the shortfall is due to a reduction in the market value of those investments. 10.9. If, in the process of handing client money, they earn interest or benefit from investment income or from foreign rate movements, they will keep any such amounts.

Client and insurer money. 10.1. We are not authorised to handle client monies, however for the purposes of general insurance activities all client money is handled by BBPS Ltd. Ltd . Details of who BBPS Ltd are is shown in section 2 above. BBPS Ltd hold all client money in a trust account, the purpose of which is to protect you in the event of financial failure since, in such circumstances, general creditors would not be able to make claims on client money. 10.2. If BBPS Ltd hold money on a client’s behalf, it will be held in a trust fund that is separate from their own cash assets. These separate trust fund arrangements are commonly known as ‘'client money’'. If they were ever unable to pay their debts, then those to whom they owe money (their creditors) should not be able to make claims on their client money in the separate trust funds as it does not form part of their own cash assets. 10.3. The trust arrangement BBPS Ltd use for client money is known as a non-statutory trust. Here, they may use premiums and claims monies they receive to fund other clients’ premiums and claims; for example they may pay a premium on to an insurer before they have received it from the client if they believe it is in the best interests of that client. 10.4. BBPS Ltd have agreements with some insurers (known as ‘'risk transfer agreements’'). Under these risk transfer agreements the insurers agree that they are responsible to you for any premium that you have already paid to us and that the insurer remains responsible for any premium refunds or claims payments until the premium refund or claim payment is received by you. In this case BBPS Ltd may hold client money due to or from the insurers in the same trust fund. 10.5. Where BBPS Ltd do not have risk transfer agreements in place with insurers, the client money they hold will still be protected within the non- non-statutory trust. Money held as client money has priority over insurers to the money in the trust fund as insurers granting risk transfer have agreed to subordinate their interests in the trust to those of BBPS Ltd non risk transfer clients. 10.6. BBPS Ltd do not use client money to pay commission before they receive your premium. 10.7. When BBPS Ltd hold client money on trust for you this gives rise to fiduciary duties upon them that will not be discharged until the client money is deemed to have reached the insurer or product provider (as detailed above, this is when they receive premium in case of risk transfer agreements). 10.8. Without affecting BBPS Ltd's fiduciary duties to you, in some cases they may: • hold client money in accounts which are outside of the United Kingdom and which may be subject to different legal and regulatory conditions and may treat money differently in the event of a bank failing. If you are a consumer (a person who buys products or services for personal use and not for business purposes) you can ask them not to put your client money in an account in a particular country. • pass client money to another intermediary, including ones outside of the United Kingdom where different legal and regulatory conditions apply and where money may be treated differently in the event of an intermediary failing. If you are a consumer, you can ask them to pass your money to an intermediary outside of the United Kingdom or in a particular country. • arrange to hold certain investments with a value at least equal to the money that would otherwise have been paid into a separate client account. If they do this, they will be responsible for meeting any shortfall in the client money funds if the shortfall is due to a reduction in the market value of those investments. 10.9. If, in the process of handing client money, they earn interest or benefit from investment income or from foreign rate movements, they will keep any such amounts.

Client and insurer money. 10.1. We are authorised to handle client monies, however for the purposes of general insurance activities all client money is handled by BBPS Ltd. Details of who BBPS Ltd are shown in section 2 above. BBPS Ltd hold all client money in a trust account, the purpose of which is to protect you in the event of financial failure since, in such circumstances, general creditors would not be able to make claims on client money. 10.2. If BBPS Ltd hold money on a client’s behalf, it will be held in a trust fund that is separate from their own cash assets. These separate trust fund arrangements are commonly known as ‘client money’. If they were ever unable to pay their debts, then those to whom they owe money (their creditors) should not be able to make claims on their client money in the separate trust funds as it does not form part of their own cash assets. 10.3. The trust arrangement BBPS Ltd use for client money is known as a non-statutory trust. Here, they may use premiums and claims monies they receive to fund other clients’ premiums and claims; for example they may pay a premium on to an insurer before they have received it from the client if they believe it is in the best interests of that client. 10.4. BBPS Ltd have agreements with some insurers (known as ‘risk transfer agreements’). Under these risk transfer agreements the insurers agree that they are responsible to you for any premium that you have already paid to us and that the insurer remains responsible for any premium refunds or claims payments until the premium refund or claim payment is received by you. In this case BBPS Ltd may hold client money due to or from the insurers in the same trust fund. 10.5. Where BBPS Ltd do not have risk transfer agreements in place with insurers, the client money they hold will still be protected within the non- non-statutory trust. Money held as client money has priority over insurers to the money in the trust fund as insurers granting risk transfer have agreed to subordinate their interests in the trust to those of BBPS Ltd non risk transfer clients. 10.6. BBPS Ltd do not use client money to pay commission before they receive your premium. 10.7. When BBPS Ltd hold client money on trust for you this gives rise to fiduciary duties upon them that will not be discharged until the client money is deemed to have reached the insurer or product provider (as detailed above, this is when they receive premium in case of risk transfer agreements). 10.8. Without affecting BBPS Ltd's fiduciary duties to you, in some cases they may: • hold client money in accounts which are outside of the United Kingdom and which may be subject to different legal and regulatory conditions and may treat money differently in the event of a bank failing. If you are a consumer (a person who buys products or services for personal use and not for business purposes) you can ask them not to put your client money in an account in a particular country. • pass client money to another intermediary, including ones outside of the United Kingdom where different legal and regulatory conditions apply and where money may be treated differently in the event of an intermediary failing. If you are a consumer, you can ask them to pass your money to an intermediary outside of the United Kingdom or in a particular country. • arrange to hold certain investments with a value at least equal to the money that would otherwise have been paid into a separate client account. If they do this, they will be responsible for meeting any shortfall in the client money funds if the shortfall is due to a reduction in the market value of those investments. 10.9. If, in the process of handing client money, they earn interest or benefit from investment income or from foreign rate movements, they will keep any such amounts.

Client and insurer money. 10.111.1. We are The firm named in the heading is not authorised to handle client monies, however for the purposes of general insurance activities all client money is handled by BBPS Ltd. Details of Ltd who BBPS Ltd are shown in section 2 above. BBPS Ltd hold holds all client money in a trust account, the purpose of which is to protect you in the event of financial failure since, in such circumstances, general creditors would not be able to make claims on client money. 10.211.2. If BBPS Ltd hold money on a client’s behalf, it will be held in a trust fund that is separate from their own cash assets. These separate trust fund arrangements are commonly known as ‘client money’. If they were ever unable to pay their debts, then those to whom they owe money (their creditors) should not be able to make claims on their all client money in a Non-Statutory Trust bank account in accordance with the separate trust funds as it does not form part of their own cash assets. 10.3. The trust arrangement BBPS Ltd use for FCA client money is known as a non-statutory trust. Here, they may use premiums and claims monies they receive to fund other clients’ premiums and claims; for example they may pay a premium on to an insurer before they have received it from the client if they believe it is in the best interests of that client. 10.4. BBPS Ltd have agreements with some insurers (known as ‘risk transfer agreements’)rules. Under these risk transfer agreements the insurers agree that they arrangements, BBPS Ltd assume responsibility for such monies and are responsible permitted to, and may: 11.2.1. Use such monies received on behalf of one customer to you for any premium that you have already paid to us and that the insurer remains responsible for any premium refunds or claims payments until pay another customer’s premium, before the premium refund or claim payment is received by youfrom that other customer. In this case However, BBPS Ltd may hold client money due are not entitled to or pay ourselves commissions before BBPS Ltd receive the relevant premium from the insurers in customer; 11.2.2. For the same trust fund. 10.5. Where BBPS Ltd do not have risk transfer agreements in place with insurerspurpose of effecting a transaction on your behalf, the client money they hold will still be protected within the non- statutory trust. Money held as client money has priority over insurers to the money in the trust fund as insurers granting risk transfer have agreed to subordinate their interests in the trust to those of BBPS Ltd non risk transfer clients. 10.6. BBPS Ltd do not use client pass your money to pay commission before they receive your premium. 10.7. When BBPS Ltd hold client money on trust for you this gives rise to fiduciary duties upon them that will not be discharged until another intermediary, including those resident outside the client money is deemed to have reached the insurer or product provider (as detailed above, this is when they receive premium in case of risk transfer agreements). 10.8. Without affecting BBPS Ltd's fiduciary duties to you, in some cases they may: • hold client money in accounts which are outside of the United Kingdom and which may UK who would therefore be subject to different legal and regulatory conditions and may treat money differently in regimes. In the event of a bank failing. If you are a consumer (a person who buys products or services for personal use and not for business purposes) you can ask them not to put your client money in an account in a particular country. • pass client money to another failure of the intermediary, including ones outside of the United Kingdom where different legal and regulatory conditions apply and where this money may be treated differently in a different manner from that which would apply if the money were held by an intermediary in the event of an intermediary failingUK. If Please inform us if you are a consumerdo not agree to this. 11.2.3. Retain for their own use, you can ask them to pass your any interest earned on client money. 11.3. Your money to an intermediary outside will be held either as agent of the United Kingdom insurer or in a particular countryagent of the client, depending on which insurer(s) your insurance has been placed with. • arrange Where money is held as agent of the insurer, this means that when BBPS Ltd have received your cleared premium, it is deemed to hold certain investments with a value at least equal to the money that would otherwise have been paid into a separate client accountto the insurer. 11.4. If they do thisUnless we receive your written instruction to the contrary, they will be responsible for meeting BBPS Ltd shall treat receipt of payment from you and of any shortfall in the client money funds if the shortfall is claim payment and/or refund of premium which fall due to a reduction in you, as being with your informed consent to the market value payment of those investmentsmoneys into the Non Statutory Trust bank account. 10.9. If, in the process of handing client money, they earn interest or benefit from investment income or from foreign rate movements, they will keep any such amounts.