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CASS 13.3 Statutory trust

CASS 13.3.1R

1A firm receives and holds client money as trustee on the following terms:

  1. (1)

    for the purposes and on the terms of the claims management client money rules and the claims management client money distribution rules;

  2. (2)

    subject to (3), for the customers for whom that money is held, according to their respective interests in it;

  3. (3)

    on failure of the firm, for the payment of the costs properly attributable to the distribution of the client money in accordance with (2); and

  4. (4)

    after all valid claims and costs under (2) and (3) have been met, for the firm itself.