exempt insurance intermediary

18an insurance intermediary:

1. (a) whose Part IV permission is limited to or includes insurance mediation activity;
2. (b) which, in relation to insurance mediation activity (but disregarding money or other assets held in relation to other activities) either:
   1. (i) does not hold any client money or other client assets in any form; or
   2. (ii) holds client money as trustee under a statutory trust imposed by CASS 5.3 (statutory trust) but does not otherwise hold client money; and
3. (c) which (when aggregating the amount calculated in accordance with CASS 5.5.65 R) does not in relation to insurance mediation activity hold client money in excess of £30,000 at any time during a financial year.