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{{cassanat|7 | {{cassanat|7|10.19}} | ||
The rule that requires a bank which is providing [[Designated investment - CASS Provision|designated investment business]] to a client to notify it that the money the bank holds for them is held as banker and not as trustee, and that the [[client money distribution rules]] will not apply should the bank fail. Fun fact: if you ''don’t'' provide designated investment services, you don’t have to make this disclosure. Therefore Monzo, which just operates as an ordinary old bank, doesn't need to. | |||
See: [https://monzo.com/legal/terms-and-conditions/ Monzo Terms and conditions]. |