Client Money Sample Clauses

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 recieved, 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 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. 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: i. it is held on Your behalf in a segregated bank account that is subject to a non-statutory trust; or ii. it is held by Us as agent of the relevant insurer (“risk transfer”). 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 when they are received by Us. 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. Any interest earned on client money that is subject to a non-statutory trust will be retained by Us. We may also arrange to hold client money, that is subject to a non- statutory trust, in separately permitted designated investments with a value at least equivalent to the money that would otherwise have been paid into a client bank account. If We do this, We will be...

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: i. it is held on Your behalf in a segregated bank account that is subject to a non-statutory trust; or ii. it is held by Us as agent of the relevant insurer (“risk transfer”).

Client Money a) Where the Custodian is holding your money, this will be held in a Cash Account opened with one or more banks, in accordance with this Clause 43 and the FCA Rules. Such money shall typically be promptly transferred to your Cash Account opened and managed by the Custodian and administered in accordance with the terms and conditions agreed with the Custodian. b) Interest will be calculated daily at the rate of 0.75% per annum below the Custodian’s derived interest rate and any resulting amount payable will be credited to the Cash Account, generally on the last Business Day of each quarter. Any Cash including interest may be reinvested in deposits or funds of deposits. The balance of interest earned in the Cash Account will be paid by the Custodian to us. The derived interest rate is the amount of interest earned across the Client Money Accounts where the Custodian is holding money on your behalf. c) The Custodian will exercise all due skill, care and diligence, in accordance with the FCA Rules, when it is selecting which third party bank to use. The Custodian will periodically (at least annually) review the adequacy and appropriateness of any bank where your money is or may be deposited and of the arrangements for holding your money, in accordance with the FCA Rules. The Custodian will not be responsible for any acts, omissions or default (including the insolvency, administration, bankruptcy or similar event) of the third party bank or for any resulting shortfall or loss in the return of your money. d) In the event of the Custodian’s failure (for example due to its bankruptcy or insolvency), any money held in the Cash Account by a third party bank will be segregated from the Custodian’s assets and will not be available to the Custodian’s creditors. However, in the event of failure of the third party bank and there is a shortfall, there may be a number of consequences for you which may include: i. UK bank accounts: where your money is placed in a UK account with a third party, because your money will be held in a pooled account which holds the client money relating to a number of clients, in the event that the third party bank holding the money defaults and there is a shortfall, you will share proportionately in that shortfall with other creditors of that bank; ii. Non-UK bank accounts: in addition to any shortfalls through the pooling of accounts as described above, where your money is required to be held in a bank located outside the UK, you should be awa...

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. 26.2. 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. 26.3. The Company may deposit Client money in overnight deposits and will be allowed to keep any interest. 26.4. The Company may hold Client money and the money of other clients in the same bank account (omnibus account). 26.5. The Company may deposit Client money with a third party who may have a security interest, lien or right of set-off in relation to that money. 26.6. Client money may be held on the Client’s behalf with an intermediate broker, a bank, a market, a settlement agent, a clearing house or OTC counterparty located in Cyprus and/or in the EEA. The legal and regulatory regime applying to any such person will be the one applicable under the rules and laws of Cyprus and/or of the EEA and in the event of a bankruptcy and/or insolvency and/or any other equivalent act and/or omission and/or failure of that person as to the management of the Client’s money, the Client’s money will be treated in accordance to the abovementioned applicable rules and laws applicable in Cyprus and/or in the EEA. The Company will not be liable for such a bankruptcy and/or insolvency and/or any other equivalent act and/or omission and/or failure of that person and/or acts or omissions of any other third party similar to the person referred in this clause. 26.7. Client money may be held on the Client’s behalf with an intermediate broker, a bank, a market, a settlement agent, a clearing house or OTC counterparty located in any other country Worldwide and not in Cyprus and/or in the EEA. The legal and regulatory regime applying to any such person will be different from that of Cyprus and/or of the EEA and in the event of a bankruptcy and/or insolvency and/or any other equivalent act and/or omission and/or failure of that person as to the management of the Client’s money, the Client’s money may be t...

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. 5.2 The Company may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations. 5.3 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest. 5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money. 5.5 The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses. 5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian. The Client waives all rights to interest. 5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations). 5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed. 5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any such 5.10 The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Compa...

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. 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.

Client Money. 6.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by LQDFX and held in accordance with Applicable Regulations. 6.2 LQDFX may hold Client Money and the money of other clients in the same bank account (omnibus account), according to Applicable Regulations. 6.3 LQDFX shall not be obliged to pay interest to the Client on any funds which LQDFX holds. The Client waives all rights to interest. 6.4 LQDFX will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for LQDFX, into a Segregated Account (subject to and according to Applicable Regulations). 6.5 Unless the Client has notified LQDFX in writing to the contrary, LQDFX may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Xxxxxxxx Islands or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Xxxxxxxx Islands. The legal and regulatory regime applying to any such person will be different from that of Xxxxxxxx Islands and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may 6.6 The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at two years (notwithstanding any payments or receipts of charges, interest or similar items) and LQDFX is unable to trace the Client despite having taken reasonable steps to do so, LQDFX may release any Client’s money balances from the Segregated Account. 6.7 The Client agrees that LQDFX shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.