Death of an insurance intermediary: client money distributions under CASS 5

Death of an insurance intermediary: client money distributions under CASS 5

In this article, Tina Kyriakides, a barrister at Radcliffe Chambers looks at client money distributions under CASS 5.  The key points arising from the article are as follows:

  • –In the recent case of Allanfield Property Insurance Services Ltd [2015] EWHC 3721 (Ch), [2015] All ER (D) 198 (Dec), the court considered its jurisdiction to give directions to administrators relating to issues arising from Chapter 5 of the Client Assets Sourcebook (‘CASS 5’)
  • The decision applied the principles laid down by the Supreme Court in Lehman Brothers International (Europe) (in administration) v CRC Credit Fund Ltd [2012] UKSC 6, [2012] All ER (D) 193 (Feb) (‘LBIE’) to CASS 5
  • ––The judge considered the proper scope of recoverable costs and disbursements that may be deducted from client moneys

Click here to download the article.

CRI will be sharing two articles per month on-line only. They will be available on the Randi blog one month after publication in LexisLibrary.

 

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About the author:

Neeta started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her paralegal experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office in 2006. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice. She has been working at Lexis Nexis since April 2013.