Client Money Holding Guidance Notes
All Members of Client Money Protect (CMP) are required to handle client money as per Section E in the CMP Scheme Rules. These standards are for holding and accounting for client money are regarded as industry best practice
To establish that the client's’ money held can be reconciled to the client to whom it belongs to and is secured on their behalf at all times and available to be returned to the client when required.
What is client money
Client money is money that a firm holds or receives for or from a client and can be of any currency. This could be in the form of cash, draft, cheque or electronic transfer and includes money held by the firm as stakeholder and which is not immediately due or payable on demand to the firm for its own account. For example, rent and/or deposits.