CLIENT MONIES. Where any monies are held in Form-A-Co’s Client Account for an intermediary period, no interest will be paid unless otherwise agreed.
CLIENT MONIES. We will hold client monies (generally premium and claims monies we receive and hold on behalf of our clients in the course of carrying on insurance mediation activities) in segregated non-statutory trust accounts, established and maintained in accordance with Client Assets rules of the Financial Conduct Authority, or as designated client money investments permitted by the rules. Where we consider it appropriate, the rules permit us to use monies from our non-statutory trust accounts for short- period funding of premium and claims settlements on behalf of clients. We will retain for our own use, any interest we earn on client monies passing through our bank accounts and any investment returns we make on permitted designated investments. In certain circumstances, we may receive and hold insurance monies as agent for the insurer(s)/underwriter(s), for example where business is accepted under a binding authority. We will advise you beforehand where this situation applies. Client Assets rules allow such insurance monies to be co-mingled with client monies subject to certain criteria being met, including inter-alia, those that insurers/underwriters rank as a second preferred creditor in the event of a default.
CLIENT MONIES. This clause is subject to any legal or regulatory requirements or Rules to the contrary (including but not limited to any FCA regulations) or requirements and obligations arising by reason of any contractual arrangement or agency between the Us or You and any Insurer, which pre-dates this agreement. When We receive any monies from You or hold money due to You, it will be held by Us in one of two ways
(a) as agent for the Insurer concerned or
(b) on Your behalf within a non-statutory trust client account. If We receive monies (premiums or claims) as agent of the Insurers concerned, We hold it on their behalf. This means, for example, that if you pay a premium to Us, it is treated as having been received by the Insurer and You cannot be asked to pay again, for example if We do not pay it to the Insurer.
CLIENT MONIES. 9.1 We will hold money on your account. That money will be held in in a client account.
9.2 In order to avoid excessive amounts of administration, interest will only be paid to you where the amount of interest earned on the balances held on your account in any calendar year exceeds £25. Any such interest would be calculated using the prevailing rate applied by Barclays Bank for small deposits subject to the minimum period of notice for withdrawals. Subject to any legislation, interest will be paid gross. T&C 16(06/21) Page 3 of 9 T 0330 333 4130 F 01225 667 901 E xxxx@xxxxxxxxxxxxxxxxx.xx.xx Xxxxx Xxxx & Xxxxx Xxxxxxxx Legal Consultant: Registered Office: Education Advocacy U.K. Ltd, Xxxx 00, Xxxxxx Xxxx Xxxxxxx, Xxxxxxxxxx, Xxxxx XX00 0XX
CLIENT MONIES. 3.1 Lancaster Guernsey is not licensed to undertake banking activity and does not accept deposits.
3.2 Whilst every care is taken to ensure that Fiduciary Client Money is placed with an Approved Bank, Lancaster Guernsey does not accept responsibility for the failure of the Approved Bank including failure of the bank to honour its obligations to its clients (whether as to principal or interest).
3.3 Where practicable, Lancaster Guernsey will assist all Client Entities in setting up their own bank accounts over which Lancaster Guernsey will have control of day to day transactions, unless otherwise agreed with the Client.
3.4 Lancaster Guernsey agrees that Fiduciary Client Money will be held: -
3.5 (a) separately from its own money; and
3.6 (b) separately from another client’s money
3.7 Section 3.6 (b) does not apply to monies held for: • Multi-member pension schemes, including occupational pension schemes; and • Pooled Accounts
3.8 Where the Client’s money is accepted by Lancaster Guernsey and no account has been set up on the Client’s or Client Entity’s behalf by Lancaster Guernsey in accordance with clause 3.2 above, or due to exceptional circumstances where Lancaster Guernsey is unable to segregate the money of one Client Entity from that of another Client Entity, the money will be held by Lancaster Guernsey on trust for the Client or Client Entity in a specially designated Pooled Account.
3.9 Lancaster Guernsey will only accept EUR, USD or GBP monies into its Pooled Account.
3.10 No interest is applied to Fiduciary Client Money held in a Pooled Account
3.11 Bank charges will be deducted from Fiduciary Client Money held in a Pooled Account and payments will be net of the charges applied.
3.12 Lancaster Guernsey reserves the right to change it’s clearing bank without notice. Any funds of the Client held in the Pooled Account will be paid into, and held by, any clearing bank which Lancaster Guernsey uses. Lancaster Guernsey accepts no liability as to the performance of whichever bank holds the funds.
3.13 Lancaster Guernsey’s clearing bank is not entitled to combine the account with any other account or exercise any right of set-off or counterclaim against money in the Pooled Account in respect of a debt or other obligation owed to it by Lancaster Guernsey.
CLIENT MONIES. 9.1. The Consultant may, from time to time, hold money on a Clients behalf. Such money will be held in trust in a client bank account.
CLIENT MONIES. 6.1 The Authorised Representative must ensure that all monies payable to Moneytech and collected by the Authorised Representative from Client/s must be collected by way of cheque, direct debit, transfer or money order payable to Moneytech to whom the monies are payable or in such other manners as Moneytech approves in writing from time to time.
6.2 All monies collected in accordance with Clause 6.1 must be remitted to Moneytech immediate following receipt by the Authorised Representative.
6.3 In the event that the Authorised Representative collects any monies due or payable to a Client, whether in respect of a claim, refund of fees, rebate of commission or otherwise, the Authorised Representative must:
a) Keep true and proper accounts of all such monies collects;
b) Pay or remit all such monies to the Client immediately without deduction;
c) Not retain any portion thereof by way of set-off or otherwise.
CLIENT MONIES. 8.1 When IML is in receipt of client monies these will initially be held in individual segregated client bank accounts, with a bank nominated by Intelligent Money Trustees Limited.
CLIENT MONIES. When in receipt of client monies this will initially be held in individual segregated client bank accounts, with a bank nominated by Intelligent Money Trustees Limited or Intelligent Money Nominees Limited, as appropriate.
CLIENT MONIES. We will hold client monies (generally premium and claims monies we receive and hold on behalf of our clients in the course of carrying on insurance mediation activities) in line with a strict agency agreement known as a ‘Risk Transfer’, which is when an insurance intermediary such as us acts as agent for an insurer to receive and handle premiums, claims money and premium refunds. The insurer bears the risk for any losses that may arise from the failure of an intermediary to make a transfer of premiums, claims money or premium refunds. Such failure could occur, for example, because it is lost through either party’s insolvency. Any interest we earn on client money and any investment returns will be retained by us for our own use. In some cases your premium may be paid to someone other than your insurer - for instance we may pay your premium to another broker who has arranged the policy. If this is the case we will use appropriate skill, care and judgment in our selection of third parties in order to ensure adequate protection of client money. Our remuneration will be a commission, which is a percentage of insurance premiums, paid by you and allowed to us by the insurer with whom the insurance contract is placed. We may also receive commission for any finance agreement entered into by you for the payment of your premium. You have the right to request details of all insurance commissions earned by us. If appropriate, and with your consent, we may receive a fee and commission.
