COLL S1.5 Common Accounts
An arrangement is not a scheme if—
(a) it is an arrangement under which the rights or interests of participants are rights to or interests in money held in a common account; and
(b) that money is held in the account on the understanding that an amount representing the contribution of each participant is to be applied—
(i) in making payments to the participant; or
(ii) in satisfaction of amounts owed by the participant; or
(iii) in the acquisition of property for the participant or the provision of services to the participant.
|Derived from QFCRA RM/2010-05 (as from 1st January 2011)|