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  • ES-1.8A ES-1.8A Module CL – Client Money

    • ES-1.8A.1

      This Module provides detailed Rules and Guidance with respect to the holding of client money by insurance brokers and appointed representatives. They are aimed at ensuring proper protection of client money to minimise the risk of client money being used by insurance brokers and appointed representatives and to prevent the commingling of client money with the insurance brokers' and appointed representatives' assets.

      Added: April 2012

    • ES-1.8A.2

      As a general rule, client monies are required to be segregated from a firm's own assets, and client money must be held in a client money account. Various other restrictions and protections apply to client money, whilst the rules also apply certain reconciliation and reporting requirements.

      Added: April 2012

    • ES-1.8A.3

      Rules applying to appointed representatives are applicable based on the type of appointed representatives. The Module deals with:

      (a) Individual appointed representatives;
      (b) Corporate appointed representatives that are financial institutions; and
      (c) Corporate appointed representatives, other than financial institutions.
      Added: April 2012