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  • repealed
  • Financial Advisers Act 2008: repealed, on 15 March 2021, by section 97(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).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.
77T Protection of client money and client property held on trust

(1)

The client money or client property that is received or held by a broker on trust for a client—

(a)

is not available for the payment of the debts of any other creditor of the broker; and

(b)

is not liable to be attached or taken in execution under the order or process of any court at the instance of another creditor of the broker.

(2)

Nothing in section 77S or this section takes away or affects any lawful lien or claim that a broker who holds client money or client property has against the client money or client property.

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

Section 77T(1): amended, on 1 April 2014, by section 47 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).