COBS 14.2.9 Payment of Client Money or Relevant Money from Client Accounts

(a) An Authorised Person must have procedures for ensuring all withdrawals from a Client Account are authorised.
(b) Subject to Rule 14.2.9(c), a Segregated Client's Client Money must remain in a Client Account until it is:
(i) due and payable to the Authorised Person;
(ii) paid to the Client on whose behalf the Client Money is held;
(iii) paid in accordance with a Client instruction on whose behalf the Client Money is held;
(iv) required to meet the payment obligations of the Client on whose behalf the Client Money is held;
(v) becomes held by the Authorised Person pursuant to a title transfer collateral arrangement;
(vi) becomes held by the Authorised Person in its capacity as a banker as a deposit; or
(vii) paid out in circumstances that are otherwise authorised by the Regulator.
(c) Client Money paid out by way of cheque or other payable order under Rule 14.2.9(cb) must remain in a Client Account until the cheque or payable order is presented to the Client's bank and cleared by the paying agent.
(d) An Authorised Person must not use Client Money belonging of one Client to satisfy an obligation of another Client.