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  3. Point in time
    2024-11-01

exempt insurance intermediary

18an insurance intermediary:

  1. (a) whose172 Part 4A permission 172 is limited to or includes insurance distribution activity126;
  2. (b) which, in relation to insurance distribution activity126 (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 distribution activity126 hold client money in excess of £30,000 at any time during a financial year.