Introduce client money protection rules for utility and retail companies

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Petition Action

Introduce client money protection rules for utility and retail companies

Petition Details

Over the years there have been several instances of consumers losing money when companies have become insolvent because payments in advance or for shopping vouchers have not been ring-fenced in a separate client money bank account and these funds have been used to shore up trading.

Additional Information

In Financial Services, Property Management, Legal Firms and Debt Collection, there are stringent rules to keep client money safe and separate from those funds belonging to the firm.

The technology exists to make this legislation non-cost-prohibitive and afford the consumer greater protection.

It enhances business management too such that cash flow management is brought into sharper focus without using clients' money, deliberately or otherwise, to disguise a deteriorating cash position.

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