Prompt banking and return of client money

Topic preview

1. 01

   Prompt client banking

   A client pays money to the firm. Say the first accounting move: where does it go, and what timing word controls the deposit?

2. 02

   Check for exception

   Before banking client money, what must you check to decide whether an exception allows it to stay out of client account for a short time?

3. 03

   Delayed banking breach

   If the money is banked correctly but only after an avoidable delay, what is the compliance problem?

4. 04

   Return money promptly

   The firm no longer has a proper basis to hold client money. What must happen next, and what timing word applies?

5. 05

   Return without request

   Must the client ask for the money back before the firm has to return it? Give the rule in one sentence.

6. 06

   Immediate handling steps

   Give the safest operational response when client money is received and when the reason for holding it ends.

7. 1 more building block

   The full topic unlocks with FLK2 Playbook, including the remaining prompts and answer-key marking.