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Unallocated client money: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "{{cassanat|7.11.50}} The client money rules tell you how not to lose {{tag|client money}}; they’re less helpful about that happens when you lose the ''{{fcaprov|client}}''....") |
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{{ | {{a|cass|7.11.50}} | ||
The client money rules tell you how not to lose {{tag|client money}}; they’re less helpful about that happens when you lose the ''{{fcaprov|client}}''. It's handled in CASS {{cassprov|7.11.50}} et seq. | The client money rules tell you how not to lose {{tag|client money}}; they’re less helpful about that happens when you lose the ''{{fcaprov|client}}''. It's handled in CASS {{cassprov|7.11.50}} et seq. | ||
{{cassprov|7.11.50}} says, in a {{nutshell}}: | |||
A firm may treat a balance allocated to an individual client as unclaimed and therefore no longer client money under CASS {{cassprov|7.11.34}}, as long as: | |||
:(1) this is permitted by law and consistent with the arrangements under which the client money is held; | |||
:(2) the firm held the balance for at least six years following the last movement on the client's account (disregarding interest and charges); | |||
:(3) it has taken reasonable steps to trace the client concerned and to return the balance; and | |||
:(4) the firm complies with CASS {{7.11.54}} R. | |||