Client money accounts Sample Clauses

Client money accounts. We’ll put the following money into a client money account before we deposit or invest it, or return or pay it to you: n Your payments n Any money we receive on your behalf n The proceeds of selling any investments on your behalf We’ll treat the above money in accordance with the Client Money Rules. We’ll place this money in one or more sterling accounts that we hold with approved banks in the UK. The amounts in these client money accounts may also include money we have been given by other people because we also manage their plans. This means that your money is held as part of a common pool of money, so you do not have a claim against a specific account; your claim is against the client money pool in general. However, it is kept separate from our own money held with such a bank. Your money should only remain in a client money account until the next valuation point/dealing day for investment, or until you have received and cashed any proceeds due to you. In accordance with the Client Money Rules: n We hereby inform you we won’t pay any interest on any money held within a client money account n Money will cease to be treated as client money where there has been no movement on your balance in the client money account for six years (any payments or receipts of charges or similar items will be disregarded) and we will follow this procedure: i) After this time we’ll write to you at your last known address stating our intention to no longer hold these funds in a client money account, giving you 28 days to make a claim ii) For amounts under the FCA de minimis limit (£25 and under), if after 28 days no claim has been made, we will wait a further 28 days before the unclaimed funds will be paid to a charity of our choice; iii) For amounts over the FCA de minimis limit, we will make further attempts to contact you in accordance with the FCA’s requirements and where no claim has been made, we will wait a further 28 days before the unclaimed funds will be paid to charity; iv) After the notice of intention to pay the funds to a charity of our choice has been issued and after waiting a further 28 days, your money will cease to be treated as client money. However, this will not affect your rights to this money at any time in the future. In such circumstances we (or an Associate) will unconditionally undertake to pay you a sum equal to the relevant client money balance paid away in the event that you seek to claim that balance in the future.