e-Wallets are NOT segregated client money accounts.
Mar 30, 2018 13:39:29 GMT
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easteregg likes this
Post by justuslee on Mar 30, 2018 13:39:29 GMT
Please be aware that cash held in a digital wallet or eMoney wallet is not deemed protected or segregated client money, under FCA Client Money Rules.
Platforms should also be able to confirm that they have submitted the letter, worded exactly as per the link below and be able to name their bank in their T&C’s that have signed said letter.
www.handbook.fca.org.uk/handbook/CASS/7/Annex2.html?date=2016-03-21#DES592
“CASS 7 applies to money received or held by a firm for, or on behalf of, a client in the course of, or in connection, with its MiFID business, designated investment business or relevant ISA business.2 Pursuant to CASS 73, firms are required to deposit client money in an account opened with an authorised bank, a central bank or a qualifying money market fund.”
Above taken from public site www.fca.org.uk/publications/policy-statements/ps18-2-client-money-unbreakable-deposits
Platforms should also be able to confirm that they have submitted the letter, worded exactly as per the link below and be able to name their bank in their T&C’s that have signed said letter.
www.handbook.fca.org.uk/handbook/CASS/7/Annex2.html?date=2016-03-21#DES592
“CASS 7 applies to money received or held by a firm for, or on behalf of, a client in the course of, or in connection, with its MiFID business, designated investment business or relevant ISA business.2 Pursuant to CASS 73, firms are required to deposit client money in an account opened with an authorised bank, a central bank or a qualifying money market fund.”
Above taken from public site www.fca.org.uk/publications/policy-statements/ps18-2-client-money-unbreakable-deposits
