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10. Withdrawal of Client Money from Client Accounts

(1) A Licensed Firm must have procedures in place for ensuring that all withdrawals from a Client Account are–
(a) subject to the appropriate level of authorisation and, at a minimum, dual authorisation, and
(b) in accordance with any constitutional documents.
(2) Client Money must remain in the Client Account until it is–
(a) due and payable to the Licensed Firm,
(b) paid to the Client on whose behalf the Client Money is held,
(c) paid in accordance with a Client instruction on whose behalf the Client Money is held,
(d) required to meet the payment obligations of the Client on whose behalf the Client Money is held, or
(e) paid out in circumstances that are otherwise authorised by the Client.
(3) A Licensed Firm must not withdraw Client Money to pay for outstanding fees unless authorised by the Client on whose behalf the Client Money is held.
(4) Subject to paragraph (2), a Licensed Firm must not use Client Money belonging to one Client to satisfy an obligation of another Client.