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A beer I hold [[for or on behalf of|for or on my client’s behalf]], remains my client’s while I hold it, my client being otherwise occupied with his one-handed push-ups or whatever other prowess or feat of strength it may have come into his mind to demonstrate. I am my client’s agent. | A beer I hold [[for or on behalf of|for or on my client’s behalf]], remains my client’s while I hold it, my client being otherwise occupied with his one-handed push-ups or whatever other prowess or feat of strength it may have come into his mind to demonstrate. I am my client’s agent. | ||
And so to [[money]]; amounts I hold for and on your behalf do not correspond to my liabilities to you (except for the uncomfortable ontological fact that holding money for someone, ''a propos'' no other contract, of necessity ''generates'' a liability to repay it. There is a difference, that is to say, between [[money]] I ''owe'' you because we have entered some contract for a good or service, and [[money]] I ''hold for'' you because some other random, who owed it to you, gave me to pass on to you, ''a propos'' nothing beyond | And so to [[money]]; amounts I hold for and on your behalf do not correspond to my liabilities to you (except for the uncomfortable ontological fact that holding money for someone, ''a propos'' no other [[contract]], ''still'', of necessity ''generates'' a [[liability]] to repay it). There is a difference, that is to say, between [[money]] I ''owe'' you, because we have entered some [[contract]] for a good or service, and [[money]] I ''hold for'' you, because some ''other'' random, who owed it to you, gave it to me to pass on to you, ''a propos'' nothing beyond my general preparedness to act [[for or on behalf of]] you, dear friend. And client. | ||
This | This is a tiresome but important point when understanding the scope of the FCA’s [[client money rules]]. | ||
===Grammar notes=== | ===Grammar notes=== | ||
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*[[Agency]] | *[[Agency]] | ||
*[[Money]] | *[[Money]] | ||
*[[Client money]] | |||