SCHEDULES

SCHEDULE 6E+W Bodies Recognised under s.32: Supplementary Provisions

Application of rules relating to accounts and interest on client’s moneyE+W

16(1)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.E+W

(2)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.

Textual Amendments