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===Is this the same as [[client money]]?=== | ===Is this the same as [[client money]]?=== | ||
Yes - and no. With [[client money]], the person to whom you pay the money doesn’t ever hold it, but merely looks after it for you by depositing it in their name but on your behalf in a [[bank]] somewhere else. ''That'' bank is therefore the borrower. You are still the [[lender]]. | Yes - and no. With [[client money]], the person to whom you pay the money doesn’t ever hold it, but merely looks after it for you by depositing it in their name but on your behalf in a [[bank]] somewhere else. ''That'' bank is therefore the borrower. You are still the [[lender]]. More particularly, [[CASS 7]] [[client money]] applies only where you hold a money for or on behalf of a client in connection with [[MiFID business - FCA Rulebook Term|MiFID business]] or [[Designated investment business - FCA Rulebook Term|designated investment business]]. So it is a limited case. | ||
{{sa}} | {{sa}} | ||