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Clients' money regulations definitions

Definitions relating to clients' money regulations.

Contents
  • A
  • B
  • C
  • D
  • E
  • F
  • G
  • H
  • I
  • J
  • K
  • L
  • M
  • N
  • O
  • P
  • Q
  • R
  • S
  • T
  • U
  • V
  • W
  • X-Z
  • #

B

  • bank
    • a branch in the United Kingdom or Ireland of:
      • the Bank of England;
      • the Central Bank of Ireland;
      • the Central Bank of another member State of the European Union;
      • a person who has permission under part 4 of the Financial Services and Markets Act to accept deposits; or
      • a building society within the meaning of the Building Societies Act 1986 which has adopted the power to provide money transmission services and has not assumed any restriction on the extent of that power.
    • a branch outside the United Kingdom or Ireland of:
      • a bank within the meaning of paragraph (a) above;
      • a bank which is a subsidiary or parent company of such a bank;
      • a credit institution, as defined in the First EU Banking Coordination Directive number 77/780 (EEC), established in a member State of the European Union other than the United Kingdom or Ireland and duly authorised by the relevant supervisory authority in that member State; and
      • a bank on the Island of Guernsey that is registered as a Deposit Taker under the Banking Supervision (Bailiwick of Guernsey) Law 1994;
      • a bank on the Island of Jersey including a registered person under the Banking Business (Jersey) Law 1991;
      • a bank on the Isle of Man including a bank which is licensed under the Isle of Man Banking Act 1998.

C

  • client bank account

    is an account at a bank in the name of the firm separate from other accounts of the firm which may be either a general account or an account designated by the name of a specific client or by a number or letters allocated to that account and which, in all cases, includes the word client in its title.

  • Clients' Money

    Clients' Money means money of any currency (whether in the form of cash, cheque, draft or electronic transfer) which a Firm holds or receives for or from a client, including money held by a Firm as stakeholder, and which is not immediately due and payable on demand to the Firm for its own account.

  • Council

    Council means the Council of the Institute, or any Committee, entity or individual delegated by Council to exercise any powers or discharge any functions on its behalf.

F

  • firm

    Firm means a sole practitioner who is a Member, or a partnership, or a body corporate or a limited liability partnership comprised in whole or in part of Members, the business of whom or of which includes carrying on the profession of accountancy.

I

  • independent accountant

    Independent accountant means a firm which is a registered auditor under the Companies Act 2006 or the Companies Act 1990 in the Republic of Ireland and which has satisfied itself that it is independent of the Firm on which the Independent Accountant is reporting, in the terms referred to on Independence - assurance engagements in Section 290 in the Code of Ethics.

  • independent accountant's report

    Independent Accountant's Report is a report, (in such form as the Council shall from time-to-time determine) covering such period as the Council or its nominee may require, to the Chief Executive or his nominee, required in terms of regulation 28(b) and commissioned by the firm which the firm must ensure states whether, in the view of the Independent Accountant:

    • it has adequate systems so that it can comply with the regulations and make the confirmations necessary in terms of regulation 27;
    • it has complied with the clients' money regulations as at the reporting date; and
    • while carrying out the work in support of the report, anything has come to the independent accountant's attention which caused him or her to believe that the firm has failed to comply with the regulations.

M

  • mixed monies

    Mixed monies means monies received (whether in the form of cash, cheque, draft or electronic transfer) or held by a firm or Principal in terms of regulation 9 which comprises or includes Clients' Money and money due to the Firm.

    (Note: for any Firms authorised by the Financial Services Authority, any monies so received or held which include an element of Investment Business Clients' Money, as defined by the Financial Services Authority's Handbook, must be dealt with in accordance with the Handbook.)

N

  • notice

    Notice means written notice sent by first-class pre-paid recorded delivery to a firm's place of business or given in person by the Council (or its nominee) to any Principal.

P

  • principal

    Principal means a Member who is a sole practitioner or who is a partner in a firm which is a partnership or who is a director of a firm which is a body corporate or who is a member of a limited liability partnership.