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    Client Monies Account

    Manage your client funds more efficiently and keep them separate from your own capital, through our Client Monies Account.

    What is a Client Monies Account (CMA)?

     
    A CMA is an account that a UK and EEA regulated firm can open to hold money belonging to one or more of their clients. The money is segregated from the firm's own account (and not co-mingled), with ownership of the fund clearly identified.
     

    How do CMAs work?

     

    Client Monies Accounts are different from regular bank accounts in many ways:

    • CMAs are held by the regulated firm as a trustee but the client money belongs to the third party client rather than the regulated firm.

    • Accounts are identifiable as a CMA at all times with no co-mingling of balances between the regulated firm and third party. Account name is clearly labeled so third party funds will never be confused with those of the regulated firm.
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    • SVB doesn't exercise any right of setoff and funds can never be used as collateral against any loan a firm might have with SVB.

    • Fees and interest charged to a regular bank account with SVB - at least one regular bank account required.

    • Regulated firms can't change the title of their account in Online Banking.

    • Firms are subject to initial and ongoing due diligence assessments which can take longer than regular accounts.

    • SVB must be satisfied that regulated firms apply robust and risk-sensitive customer due diligence measures including internal controls, transaction monitoring, sanctions screening, high risk country reviews and PEP reviews.

     

    Who might need a CMA?

     

    Examples of firms that might require a CMA:

    • Trustees or clients holding funds in trust.

    • FCA firms holding investment business client's money.

    • FinTech, InsurTech, E-money firms holding funds on behalf of their clients.

    • Solicitors and Accountants.
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    Two types of regulated firms can open a CMA with SVB:

    1. CASS Clients:

    1. Regulated by the Financial Conduct Authority (FCA) (funds must be dealt with in accordance with CASS rules).

    2. CASS rules require clients to keep client money separate from firm money in segregated client money accounts and register custody assets appropriately.

    2. Non-CASS clients:

    1. Partially or not at all regulated by the Financial Conduct Authority.

    2. May include some InsurTechs that are not completely regulated by the FCA (e.g. regulated for certain activities but not defined as a CASS client).

    3. Regulated by a recognised regulatory body for professions such as Solicitors or Accountants.

     

    Confidence for clients

     

    Firms receive acknowledgement letters to prove they are adhering to regulations in the case of audit. This includes:

    • For CASS clients - SVB countersign CASS 7 "acknowledgement letter" within 20 days to confirm that client's 3rd party money will not be used to offset client loan portfolios held with SVB.

    • For non-CASS clients - SVB will create an acknowledgment letter and send to the client for signing. The letter confirms SVB will not include, nor offset third-party money in the event of an insolvency situation.

    Why choose a Client Monies Account from SVB?

     
    SVB offers some key benefits to holders of Client Monies Accounts.

    Learn more 

     

    24/7 access and convenience

    Get real-time visibility into your cash position and review returns on SVB Online Banking.
     

    Control your payables and receivables

    Remain in charge of your payables and receivables and manage your client funds effectively through our Client Monies.
     

    Flexible payments, currencies and platforms

    All UK payment types are available and CMA's can be opened in GBP and 15 other currencies that SVB offers. Firms can view positions via several platforms.

    Talk to our team of experts

     

    If you are already an SVB client, call us on 0800 023 1441 or +44 207 367 7881 from overseas or email ukproductqueries@svb.com otherwise please click below.

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