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Headline

City firms move to safeguard client accounts

Comment

Exposure to undertakings I believe there may be a further risk here which cannot be addressed via engagement terms, namely of exposure to third parties to whom a firm has given financial undertakings to pay money on a certain date/in a certain event, or to hold funds to order. This may be addressed via suitable caveats eg "I undertake to instruct my bank to pay", rather than "I undertake to pay", but the funds to order issue is more of a problem and in any event such wording may well be commercially toxic.

Posted date

9-Oct-2008

Posted time

11:37 am

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