IMEB 3.3.3 Accounting for client money

(1) A firm must ensure that it can promptly and accurately account for client money received or held by it.
(2) Without limiting subrule (1), the firm must have procedures—
(a) to enable it to identify and trace client money it receives (electronically, by post, through an agent or by any other means) or holds; and
(b) to promptly record receipt of all client money; and
(c) to ensure that, except as permitted by these rules, client money is not mixed with other money; and
(d) to enable it to produce accurate accounting records showing how much client money has been transferred to insurers, clients, eligible intermediaries and other persons.

Note 1 For a firm's record keeping obligations, see chapter 8.

Note 2 For provisions allowing client money to be mixed with other money, see rule 3.4.3 (Obligation on receipt of amount that is part client money) and rule 3.5.3 (Exception-non-client money paid into account).
Derived from QFCRA RM/2011-3 (as from 1st July 2011)