Financial Advisers Act 2008

  • repealed
  • Financial Advisers Act 2008: repealed, on 15 March 2021, by section 97(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8). Section 138(1)(a)(iii) corrected on 15 March 2021 under section 25(1)(j)(iii) and (iv) of the Legislation Act 2012.
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).