5. Client Money and Assets

Question 1

What must you do if you receive a financial benefit as a result of a client’s instructions?

Answer 1

Account to the client for it, unless the client has already agreed otherwise

Question 2

What must you do to money and assets entrusted to you by clients and others?

Answer 2

Safeguard them

Question 3

What is the one exception to the rule that you must not personally hold client money (i.e. hold client money in business account)?

Answer 3

If it relates to advance payment of fees and expenses