Client Money Handling Flashcards
1
Q
What is the ‘Clients’ Money Protection Scheme’?
A
A scheme which will protect clients against mishandling of money
2
Q
What are my requirements for money handling (as a firm and a member)?
A
Prevent misappropriation
3
Q
How do Client’s accounts operate?
A
Separate account completely
Only drawn down against with permission(with receipt of drawdown)
Only certain people given access
Inform client
4
Q
What would you do if a client wanted to pay you up front for fees?
A
Hold in a client account and named
Establish process for withdrawals
Record and receipt all payments
Provide a cashflow for drawdowns
5
Q
What would you do to withdraw money from a clients account?
A
Understand how to withdraw
Bank confirmation
Inform client of withdrawals
Reconcile any funds withdrawn
