CASS 13.3 Statutory trust

A firm receives and holds client money as trustee on the following terms:

1. (1)

   for the purposes and on the terms of the claims management client money rules and the claims management client money distribution rules;

2. (2)

   subject to (3), for the customers for whom that money is held, according to their respective interests in it;

3. (3)

   on failure of the firm, for the payment of the costs properly attributable to the distribution of the client money in accordance with (2); and

4. (4)

   after all valid claims and costs under (2) and (3) have been met, for the firm itself.