Client money - FCA Rulebook Term

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(1) [deleted]
(2) (in CASS 5) subject to the client money rules, money of any currency which, in the course of carrying on insurance mediation activity, a firm holds on behalf of a client or which a firm treats as client money in accordance with the client money rules.
(2A) (in CASS 6, CASS 7, CASS 7A and CASS 10 and, in so far as it relates to matters covered by CASS 6, CASS 7, or COBS) subject to the client money rules, money of any currency:

(a) that a firm receives or holds for, or on behalf of, a client in the course of, or in connection with, its MiFID business; and/or
(b) which, in the course of carrying on designated investment business that is not MiFID business, a firm holds in respect of any investment agreement entered into, or to be entered into, with or for a client, or which a firm treats as client money in accordance with the client money rules.

(3) (in MIPRU ):

(a) in relation to an insurance intermediary when acting as such, money which is client money in (2);
(b) in relation to a home finance intermediary when acting as such, money of any currency which in the course of carrying on home finance mediation activity , the firm holds on behalf of a client, either in a bank account or in the form of cash.

(4) (in UPRU and COMP) client money for the purposes of the relevant client money rules.

CASS Anatomy

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IMPORTANT: CASS changed quite a bit after MiFID II. This resource therefore may well be out of date, even if it was accurate once, which it might not have been.

This is an article about the FCA’s custody and client money rules — client assets — and is fondly known by its chapter in the FCA Sourcebook Table of Contents | 1 | 1A | 3 | 5 | 6 (custody rules) | 7 (client money rules) | 7A | 8 | 9 (PBDA) | 10

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