designated client bank account
a client bank account with the following characteristics:
- (a) the account holds the money of one or more clients;
- (b) the account includes in its title the words "designated client" (or, if the systems constraints of the approved bank or the firm that holds the account (or both) make this impracticable, an appropriate abbreviation of those words that has the same meaning);
- (c) the clients whose money is in the account have each consented in writing to the use of the bank with which the client money is to be held; and
- (d) in the event of the failure of that bank, the account is not pooled with any other type of account unless a primary pooling event occurs.