New Zealand Legislation: Bills

30 Financial adviser must pay client’s money into separate trust account

• (1) A financial adviser who receives money on behalf of a client receives the money on trust and must ensure that the money is paid promptly into a separate trust account held with a bank in New Zealand.

  (2) A person who knowingly contravenes subsection (1) commits an offence (see section 113).

  Compare: 2006 No 1 s 110(1)