Commencement Information
I1Sch. 2 wholly in force at 1.1.1992 see s. 69(2) and S.I. 1991/2683, art. 2
4(1)Where rules made under section 32 of the 1974 Act and containing any such provision as is referred to in section 33(1)(a) of that Act are applied to recognised bodies in accordance with section 9(2)(f) of this Act, then, except as provided by the rules and subject to sub-paragraph (2), a recognised body which in pursuance of the rules maintains an account in which it keeps money received or held for or on account of its clients generally shall not be liable to account to any person for interest received by it on money in that account.
(2)Nothing in any such rules or in sub-paragraph (1) shall—
(a)affect any arrangement in writing between a recognised body and any of its clients as to the application of the client’s money or interest on it; F1. . .
(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1
Textual Amendments
F1Sch. 2 para. 4(2)(b) and the word “or” immediately preceding it repealed (1.6.1992) by Courts and Legal Services Act 1990 (c. 41, SIF 76:1), s. 125(7), Sch. 20; S.I. 1992/1221, art. 2,Sch.
Commencement Information
I2Sch. 2 para. 4 wholly in force at 1.1.1992 see s. 69(2) and S.I. 1991/2683, art. 2
Valid from 31/03/2009
[F24ZAE+WWhere rules made under section 32 of the 1974 Act and containing any such provision as is referred to in section 33(1) of that Act are applied to managers or employees of recognised bodies in accordance with section 9(2)(fb), then, except as provided by the rules, a manager or employee to whom the rules are applied is not liable to account to any client, other person or trust for interest received by the manager or employee on money held at a bank or building society in an account which is for money received or held for, or on account of—
(a)clients of the recognised body, other persons or trusts, generally, or
(b)that client, person or trust, separately.]
Textual Amendments
F2Sch. 2 para. 4ZA inserted (31.3.2009) by Legal Services Act 2007 (c. 29), ss. 177, 211, Sch. 16 para. 90 (with ss. 29, 192, 193); S.I. 2009/503, art. 2(b)(ii)