COLL 11.3.1 Client Money and Assets—All Non-QFC Schemes

(1) An authorised firm that is providing scheme administration for a non-QFC scheme must not hold or control money or assets belonging to third parties in relation to providing scheme administration for the scheme.

Note Providing scheme administration and money are defined in the glossary.
(2) However, subrule (1) does not apply to the holding of a cheque to the order of the non-QFC scheme's bank account if the cheque is securely held for a maximum of 3 business days before being deposited into the bank account or returned to the drawer of the cheque.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)