Accounts Code from 30 September 2020

A revised accounts code will becoming into effect 30 September 2020

The new code will contain simpler, more targeted requirements to make the code easier to understand, improving compliance and consumer protection.

The main changes are in relation to how to deal with aged balances up to £50 and to allow the use third-party managed accounts (TPMAs).

CLC practices will now have greater flexibility in the management of aged balances up to £50 if they are unable to identify the rightful recipient.

CLC firms will only be able to use TPMAs regulated by the Financial Conduct Authority, and firms must also be authorised by the CLC to enter arrangements with a client to use a TPMA.

You can see the revised code here

The forthcoming aged balance guidance here

And, the TPMA guidance here

As further supporting is produced it will be published on this page.

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