HANDLING CLIENT MONEY. All customer monies, whether under a risk transfer agreement with the insurance company or not, are held by us in a Non- Statutory Trust client bank account pending payment. The establishment of the Non-Statutory Trust account follows FCA rules introduced to protect money held by authorised intermediaries. However, you should be aware that, under the Non-Statutory Trust account rules, we are permitted to use such monies temporarily held to advance credit to clients generally. Your acceptance of these Terms of Business will constitute your informed consent to our holding your money in a Non-Statutory Trust account. Interest earned on monies held in such a Non- Statutory Trust account will be retained by us. We may pass the money you pay us to another intermediary. We will only do this where it is a necessary part of the process of arranging cover for you. Where this includes intermediaries outside the UK, the legal and regulatory regime may be different from that of the UK. In the event of the intermediary failing, money may be treated differently than if it was held by an intermediary in the UK. You may notify us if you do not wish your money to be passed to a person in a particular jurisdiction. PROFESSIONAL INDEMNITY We maintain Professional Indemnity insurance as required by the FCA THIRD PARTY RIGHTS Unless otherwise agreed between us, in writing, no term of this Agreement is enforceable under the Contract (Rights of Third Parties) Xxx 0000. All activities undertaken by us as outlined in this Agreement are provided by us for your exclusive use and all data, recommendations, proposals, reports and other services are for your sole use. You agree not to permit access by any third party to this information without our express written permission.
HANDLING CLIENT MONEY. 8.1. The Manager will open and retain a designated client bank account(s) in the Client’s name for the receipt of all money due to the Client and the payment of expenses relating to the Property. All such monies shall be held in trust and in accordance with statutory and RICS regulations and guidance and for the benefit of the Client. An additional designated bank account will also be opened for the holding of any reserve fund monies. Any interest received on this money will be for the sole benefit of the Client.
HANDLING CLIENT MONEY. 2.12.1 Front Row Lettings handles its clients’ money in accordance with Front Row Lettings client money handling procedure. A copy of the procedure can be provided upon request.
