Client Money and Assets Flashcards
1
Q
A
2
Q
If you receive a gift from a third party as a result of a client’s instructions, must you tell the client?
A
Yes you must account for any financial benefit you gain from the client’s instructions unless the client has already agreed
3
Q
If a firm loses the client’s title deed to their house, have they breached a duty?
A
Yes, they have breached the duty to safeguard a client’s money and assets
4
Q
Can you hold client money in your firm’s business account?
A
No it must be held in the client account, unless they relate to advance payments of fees and invoices and you inform the client in advance how the money will be held
