Related provisions for CASS 7.17.4
1 - 6 of 6 items.
Subject to CASS 7.17.3 R in respect of a trustee firm, a firm receives and holds client money as trustee on the following terms:(1) for the purposes of, and on the terms of, the client money rules and the client money distribution and transfer rules1; (2) (a) where a firm maintains only a general pool of client money, subject to (4), for the clients (other than clients which are insurance undertakings when acting as such with respect to client money received in the course of insurance
(1) A trustee firm to which CASS 7.10.34 R applies may elect that: (a) the applicable provisions of CASS 7.13 (Segregation of client money) and CASS 7.15 (Records, accounts and reconciliations) under CASS 7.10.34 R; and(b) 2any further provisions it elects to comply with under CASS 7.10.35 R (1);will apply separately and concurrently for each distinct trust that the trustee firm acts for.(2) A trustee firm must make a written record of any election it makes under this rule, including
A trustee firm may wish to make an election under CASS 7.10.38 R if, for example, it acts for a number of distinct trusts which it wishes, or is required, to keep operationally separate. If a firm makes such an election then it should:(1) establish and maintain adequate internal systems and controls to effectively segregate client money held for one trust from client money held for another trust; and(2) conduct internal client money reconciliations as set out in CASS 7.16 and
A CASS debt management firm receives and holds client money as trustee on the following terms: (1) for the purposes and on the terms of the debt management client money rules and the debt management client money distribution rules; (2) subject to (3), for the clients for whom that money is held, according to their respective interests in it;(3) on failure of the CASS debt management firm, for the payment of the costs properly attributable to the distribution of the client money
(1) CASS 5.1 to CASS
5.6 apply, subject to (2), (3) and CASS 5.1.3 R to CASS 5.1.6 R, to a firm that receives
or holds money in the course
of or in connection with its insurance mediation
activity.(2) CASS 5.1 to CASS
5.6 do not, subject to (3), apply:(a) to
a firm to the extent that it
acts in accordance with the client
money chapter; or64(b) to
a firm in carrying on an insurance mediation activity which is in
respect of a reinsurance contract;
or(c) to
an insurance undertaking
(1) CASS
5.4 permits a firm, which
has adequate resources, systems and controls, to declare a trust on terms
which expressly authorise it, in its capacity as trustee, to make advances
of credit to the firm'sclients. The client
money trust required by CASS
5.4 extends to such debt obligations
which will arise if the firm,
as trustee, makes credit advances, to enable a client's3premium obligations
to be met before the premium is
remitted to the firm and similarly
if it allows claims