77S Restrictions on use of client money and client property

(1)

A person must not use or apply client money or client property received or held on trust for a client by a broker in any way except—

(a)

as expressly directed by the client (either generally or specifically); or

(b)

in accordance with section 77P (which relates to payment of client money into a trust account).

(2)

Contravention of this section may give rise to an offence (see section 134F).

Section 77S: inserted, on 1 July 2010, by section 24 of the Financial Advisers Amendment Act 2010 (2010 No 40).

Section 77S(1): amended, on 1 April 2014, by section 46 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).