CASS 13.3 Statutory trust
CASS 13.3.1R
1A firm receives and holds client money as trustee on the following terms:
- (1)
for the purposes and on the terms of the claims management client money rules and the claims management client money distribution rules;
- (2)
subject to (3), for the customers for whom that money is held, according to their respective interests in it;
- (3)
on failure of the firm, for the payment of the costs properly attributable to the distribution of the client money in accordance with (2); and
- (4)
after all valid claims and costs under (2) and (3) have been met, for the firm itself.