Scottish non-statutory trust accounts
The law in Scotland does not recognise ‘trust’ status and therefore there is a different procedure required in Scotland to establish an FSA-compliant non-statutory trust account than there is in the rest of the UK.
To establish a non-statutory trust account in Scotland, an exchange of letters is required with your bank, in exactly the same way using exactly the same letters as in establishing a statutory trust.
BIBA has produced the necessary suite of documentation required to amend trading terms with both insurers and customers (a necessity if ‘co-mingling’ risk transferred monies and client money).
The documents can be viewed by clicking on the links below.