client account

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A bank or building society account operated by a professional person (e.g. a solicitor, stockbroker, agent, etc.) on behalf of a client. A client account is legally required for any company handling investments on a client's behalf; it protects the client's money in case the company becomes insolvent and makes dishonest appropriation of the client's funds more difficult. For this reason money in client accounts should be quite separate from the business transactions of the company or the professional person.

Subjects: Financial Institutions and Services.

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