Subject Title - INSETA

The following must be done:Separate bankaccountReceipt of fundsReceipt ofdocumentsSafeguardingThe FSP must have a separate bank account at abank, designated to receive funds and premiumsfrom clients, which is separate from any other funds,except a short term insurer that complies withSection 45 of the Short Term Insurance Act.The FSP is responsible for bank charges except thecharges that relate to deposit or withdrawal - whichthe client must pay 50 .The FSP must pay all interest accumulating in theaccount to the client or owner of the funds. 51When the FSP receives funds from a client, without abank being involved, it must issue a writtenconfirmation when the money is received. 52The money must be paid into the bank account withinone (1) day of receipt. 53When title documents are lodged with an FSP onbehalf of a client, the FSP must issue a writtenconfirmation when the documents are received,indicating description of the documents so that theycan be identified. 54If the FSP or a designated third party receives fundsor financial documents, reasonable steps must betaken to ensure that they are adequately safeguardedand that:– the funds or financial products are dealt withaccording to the client's mandate 55– the funds or financial products are easilydistinguished from the FSPs funds or assets 56– the client has easy access to an amount paidinto the separate account, less all relevantdeductions but subject to other applicablelaws. (For instance, if the funds are proceeds50 Section 10(1)(d)(iii) of the General Code51 Section 10(1)(d)(iv) of the General Code52 Section 10(1)(b) of the General Code53 Section 10(1)(d)(i) of the General Code54 Section 10(1)(a) of the General Code55 Section 10(1)(e)(i) of the General Code56 Section 10(1)(e)(ii) of the General Code© INSETA - Section 1 12a 137