Client Money Protection
In most instances, it will be necessary for us to hold money on account during the course of arranging and administering your insurance. This will be treated as client money in accordance with the FSA client money rules.
In the event that it becomes necessary for us to hold client money we will:-
1 Provide protection by holding all client money in a Statutory Trust account. This is completely segregated from our own money and there are strict regulatory controls on us to maintain solvency of the Statutory Trust account and to conduct a regular reconciliation of the account. Importantly, client money will be ring fenced in the Statutory Trust account so that it will be returned to clients in the event of the insolvency of NTEGRITY and cannot be used to reimburse other creditors.
Under the rules, money held in the Statutory Trust account cannot be used for payment of premium or claims for another client before their monies are received. We are not entitled to use client money to take payment of fees or brokerage before we receive the relevant premium from a client.
2 Deposit client money that we receive into a bank account with HSBC Bank plc.
We will advise you if it becomes necessary to hold client money in another UK approved bank.
SEGREGATION OF DESIGNATED INVESTMENTS
As we will pay client money into a Statutory Trust bank account, we will not invest client money in separate designated investments as permitted under FSA rules. Separate designated investments as permitted by the FSA include life policies, shares, debentures, government and public securities, warrants, units, stakeholder pension schemes, options, futures, rolling spot forex contracts, contracts for differences, spread bets, rights to interests in investments in long term care insurance contracts.