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The banking exemption - CASS Provision: Difference between revisions
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'''History''': This is a transliteration, verbatim, of the old CASS {{cassprov|7.1.8A}}. | '''History''': This is a transliteration, verbatim, of the old CASS {{cassprov|7.1.8A}}. | ||
===And a “{{cobsprov|bank}}” is?=== | ===And a “{{cobsprov|bank}}” is?=== | ||
You’ll think it was easy, and if you | You’ll think it was easy, and — if you rise above the guff — it is: a bank is, well, a ''bank'': a regulated, officially permissioned<ref>In its own jurisdiction.</ref> deposit-taking institution. But of course it is too easy to just say that. | ||
So, for the purpose of figuring out whether your deposit ought to be protected under CASS client money rules, or whether you are free to not have to offer client money protection, you are deposit with a “CRD credit institution” or any money held by an “approved bank” that is not a CRD credit institution relating to designated investment business. An “approved bank” is (sigh) a {{cobsprov|bank}} ''or'' a CRD credit institution ''or'' a building society ''or'' a central bank yadayadayada — and a bank is an institution with Part 4 permissions to accept deposits in the UK. | So, for the purpose of figuring out whether your deposit ought to be protected under CASS client money rules, or whether you are free to not have to offer client money protection, you are deposit with a “CRD credit institution” or any money held by an “approved bank” that is not a CRD credit institution relating to designated investment business. An “approved bank” is (sigh) a {{cobsprov|bank}} ''or'' a CRD credit institution ''or'' a building society ''or'' a central bank yadayadayada — and a bank is an institution with Part 4 permissions to accept deposits in the UK. | ||