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Tip of the Week

Holding Client Money

By 2nd August 2021August 3rd, 2021No Comments

If you have permission to hold client money then it must be kept separate from the firm’s own money, unless otherwise permitted. Segregation, in the event of a firm’s failure, is important for the effective operation of the trust that is created to protect client money. The aim is to clarify the difference between client money and general creditors’ entitlements in the event of the failure of the firm.