INMA 5.3.4 Money that is not client money — money held by QFC bank

(1) Money held in an account with a QFC bank is not client money of the firm if the firm has notified the customer concerned, in writing, that:
(a) money belonging to the customer will be held by the QFC bank as a bank and not as trustee; and
(b) such money will not be subject to the client money protection rules.
Note QFC bank is defined in the glossary.
(2) The notification may be in the firm's terms of business.

Note Under CIPR, Parts 4.4, 5.2 and 5.3, an INMA firm must give a customer a statement, in writing, of the terms and conditions on which the firm will conduct investment and advisory business for the customer.
Amended by QFCRA RM/2019-4 (as from 1st January 2020).