Maintenance of client accounts
4. An agency which holds or receives money which includes client’s money—
(a)may where practicable split such money and, if it does so, shall deal with each part thereof as if it had received a separate sum of money in respect of that part; or
(b)shall, if it does not split the money, pay it into a client account no later than the end of the second business day following the day on which it receives the money.