Handling of Client Money – Written Procedures

As a member of TPO, we adhere to the Rules of Conduct and any other regulations as necessary by using the following procedures:

a) Maintain one or more Client Money Account(s) into which all Client Money of the Member is paid;

b) The Client Money Account(s) must be designated as such and easily distinguished from other accounts;

c) All clients must be advised that Client Money will be held in a Client Money Account and be notified of the details of that account;

d) Confirm in writing with the bank with which it holds a Client Money Account that the bank acknowledges that monies in the Client Money Account must not be combined with, or transferred to, any other account maintained by the Member firm, and the bank shall not be entitled to exercise any right of set off or counterclaim against money in that Client Money Account in respect of any sum owed to it in respect of any other account of the Member firm;

e) Keep records and accounts which show all dealings with Client Money, and demonstrate that all Client Money held by the firm is held in a Client Money Account.

2) As regards handling Client Money, the Member firm must also:

a) Have and comply with written procedures for handling Client Money, which must comply with any TPO requirement to which Client Money Rules apply;

b) Publish these procedures for handling Client Money on its website (This page of our website meets that obligation);

c) Provide a copy of its procedures for handling Client Money to any person who may reasonably require a copy, free of charge;

d) Keep records and accounts that show all dealings with Client Money;

e) Repay any Client Money, including where feasible any interest earned, without delay if there is no longer any requirement to retain that money or the relevant client requests it; and

f) Hold and maintain professional indemnity insurance cover that is appropriate for the size, income, type of work and the amount of Client Money held by the Member’s business.