Common use of Client Assets Clause in Contracts

Client Assets. We are an approved bank. We will hold your money as banker, rather than as trustee. The protections provided under the Financial Conduct Authority rules on client money will not apply to your money that is held by us. In the unlikely event of the failure of Commerzbank AG, the FCA client money distribution rules will also not apply to your money that we hold and you will not be entitled to share in any distribution made under these rules. However, the protections under the UK Financial Services Compensation Scheme and/or the Einlagensicherungsfonds [Deposit Protection Fund of the Federation of German Banks, ESF] and/or the Entschädigungseinrichtung deutscher Banken [Compensation Scheme of German Banks, EdB] may apply.”