• IMEB Part 3.2 IMEB Part 3.2 Client money exceptions

    • IMEB 3.2.1 Client money exception — money payable to firm

      Money is not client money of a firm in relation to a client if it is (or becomes) payable immediately by the client to the firm for the firm's own account.

      Note Client is defined in the glossary.

      Derived from QFCRA RM/2011-3 (as from 1st July 2011)

    • IMEB 3.2.2 Client money exception — firm as agent of insurer

      (1) Client money of a firm does not include money received by the firm as agent of an insurer under a written agreement to which this rule applies.
      (2) This rule applies to an agreement between a firm and an insurer if the agreement provides in relation to a client—
      (a) that any premiums received by the firm from the client are received as agent of the insurer; and
      (b) that the premiums are taken to be received by the insurer at the time they are received by the firm; and
      (c) that any claims money or refund of premiums is only taken to be received by the client at the time the money or refund is paid to the client.

      Note Money received by the firm as agent of an insurer under a written agreement to which this rule applies must not be paid into a client bank account (see rule 3.5.2).
      Derived from QFCRA RM/2011-3 (as from 1st July 2011)

    • IMEB 3.2.3 Client money exception — certain cheques and payable orders

      Client money of a firm does not include a cheque or other payable order that is—

      (a) payable to a client by a third party; or
      (b) payable to a third party by a client if it is received by the firm and forwarded to a regulated financial institution in accordance with the client's written instructions as soon as practicable (but no later than 2 business days after the day it is received by the firm).

      Note 1 A firm must be able to show what cheques and other payable orders have been forwarded to regulated financial institutions in accordance with a client's instructions. For a firm's record keeping obligations, see chapter 8.

      Note 2 Business day is defined in the glossary.

      Derived from QFCRA RM/2011-3 (as from 1st July 2011)