Section 139: Miscellaneous ancillary matters
257.This section elaborates on the provisions which the Authority can make under the rule-making powers. It expressly enables the Authority to make rules in respect of the handling of client money by authorised persons. The rules could be used to require money to be held in trust.
258.This section also allows the Authority to make rules which require authorised persons to allow customers a “cooling off” period after entering into an agreement. For example, under section 76 of the ICA 1982, persons entering long-term insurance contracts have 14 days in which to cancel the policy and recover any premium paid. This section would allow the Authority to make rules requiring authorised persons to extend similar rights to customers.
