Where rules made under section 22(2) and containing any such provision as is referred to in section 23(1) are applied to recognised bodies F1or managers or employees of such bodies, in accordance with section 32(3), then, except as provided by the rules and subject to sub-paragraph (2), a recognised body F2, manager or employee which in pursuance of the rules maintains an account in which F3it or he keeps money received or held for or on account of F4clients of the recognised body generally shall not be liable to account to any person for interest received by it F5or him on money in that account.

Nothing in any such rules or in sub-paragraph (1) shall affect any arrangement in writing between a recognised body F6, or any manager or employee of such a body, and any of the clients of the recognised body as to the application of the client’s money or the payment of interest on it.