INMA 5.10.6 Firms' continuing fiduciary duties
An investment business firm is not responsible for any deficit in client money arising as a result of, or in connection with, a third-party-related distribution event if the firm:
(a) used appropriate skill, care and judgement in selecting the eligible bank or eligible third party concerned, and in subsequently monitoring the bank or third party; and
(b) complied with its other fiduciary duties.
Note Third-party-related distribution event, client money, eligible bank and eligible third party are defined in the glossary.
|Derived from QFCRA RM/2014-4 (as from 1st January 2015).|