Term for fees. Often used by independent financial advisers and regulators.

An agreement between the trustees and the investment managers, which is required by law.

A relevant person is required to apply customer due diligence measures in accordance with the provisions of the Money Laundering Regulations 2007, SI 2007/2157, regs 7, 9–13, and to conduct ongoing monitoring of a business relationship; in some cases, a relevant person must apply enhanced customer due diligence and ongoing monitoring.

An order requiring a financial institution to provide certain information held by them relating to a customer for the purposes of an investigation into the proceeds of crime.

Customer information orders When a financial institution is served with a customer information order by an appropriate officer under section 363 of the Proceeds of Crime Act 2002 (POCA 2002), that financial institution must provide any such ‘customer information’ it has relating to the person specified in the order. The information must be provided to an appropriate officer in such a manner, and at or by such time, as that officer requires, for more information, see below: Effect of an order. For these purposes, a financial institution is a person who carries on business in the regulated sector, or, who ceases to carry on a business in the regulated sector. The order may require all such institutions, or a selection of them, to comply with the order. The scheme applies to confiscation, civil recovery, exploitation proceeds and money laundering investigations but not detained cash investigations, detained property investigations, frozen funds investigations, or cryptoasset investigations. For the purposes of customer information orders in relation to money laundering investigations, 'money

A customer is a person who has an account with a bank or has a relationship with the banker even though he has no account with the bank.

Restructuring and insolvency analysis: The Chancery Division permitted a customer whose safeguarded funds claim represented only about 0.1% of relevant claims to challenge the special administrators’ remuneration attributable to objective one, despite the 10% support threshold in rule 167 of the Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021 (the Rules 2021), SI 2021/1178. The court held that permission may be appropriate where obtaining the requisite support is impracticable, the applicant has a genuine and substantial interest and the remuneration warrants scrutiny. Neither overlapping creditor and customer interests nor a possible collateral motive was necessarily disqualifying. The decision gives practitioners the first guidance on the court’s discretion under the Rules 2021, SI 2021/1178, r 167(1)(c) and (2), while emphasising its fact-sensitive nature. Produced in partnership with Aziz Abdul of Addleshaw Goddard LLP.

Sometimes referred to as customer apparatus or consumer equipment, being equipment on consumers’ premises which is not part of the public electronic communications network and which is directly or indirectly attached to it.

This Practice Note considers the concept of customer responsibilities and dependencies in outsourcing agreements. It explains the meaning of these terms and contrasts them with assumptions. It describes the consequences of a failure to comply with a customer responsibility and goes on to consider the key issues from the perspectives of the supplier and the customer. Customer responsibilities are obligations placed on the customer in an outsourcing or other services agreement which are necessary for the supplier to be able to perform its own obligations. They are sometimes called dependencies and are often heavily negotiated. This Practice Note considers the following legal and commercial aspects of this concept: • What are customer responsibilities? • Consequences of customer failures • Customer’s perspective • Supplier’s perspective • Implied duties See also clause 25 and Schedule 6 of Precedent: Outsourcing agreement—long form. Although this note focuses primarily on outsourcing, the issues that it describes are relevant in most services agreements, particularly those which are complex or long-term. What are customer responsibilities? Outsourcing differs from most other supply of services relationships

The customer's duties in operating a current account include refraining from drawing a cheque to facilitate fraud or forgery and informing the bank of any forgery of a cheque as soon as he becomes aware of it.

Commercial analysis: In a claim for breach of contract during the period between notice and termination, the court interpreted the terms of the contract to decide whether the defendant was obliged to provide the claimant with access to a database of information that it had previously given so that the defendant could supply rental vehicles. In so doing, it also considered the principle of ‘surplusage’ in commercial contract drafting and construction. The defendant was precluded from introducing a further issue in its closing submissions that had not formed part of the parties’ pleaded cases. Written by Graeme Kirk of Lamb Chambers.

The customer's title to money paid in refers to the customer's right of repayment from the bank for money paid into his account at a bank.