SCHEDULE 6 Bodies Recognised under s.32: Supplementary Provisions
Application of rules relating to accounts and interest on client’s money
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(1)
Where rules made under section 22(3)(a) are applied to recognised bodies in accordance with section 32(3), an accountant shall, subject to sub-paragraph (2), be qualified to give any report required to be delivered under the rules if he is eligible for appointment as a statutory auditor under Part 42 of the Companies Act 2006.
(2)
An accountant shall not be qualified to give any such report in relation to a recognised body if he would be prohibited by section 1214 of that Act (independence requirement) from acting as statutory auditor of that body.
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(1)
Where rules made under section 22(2) and containing any such provision as is referred to in section 23(1) are applied to recognised bodies F2or managers or employees of such bodies, in accordance with section 32(3), then, except as provided by the rules and subject to sub-paragraph (2), a recognised body F3, manager or employee which in pursuance of the rules maintains an account in which F4it or he keeps money received or held for or on account of F5clients of the recognised body generally shall not be liable to account to any person for interest received by it F6or him on money in that account.
(2)
Nothing in any such rules or in sub-paragraph (1) shall affect any arrangement in writing between a recognised body F7, or any manager or employee of such a body, and any of the clients of the recognised body as to the application of the client’s money or the payment of interest on it.