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Welcome to MBL Seminars
Question 1
Question 2
Question 3
Question 4
Where money is received into office account for unpaid, but incurred professional disbursements when must it be transferred to client account?
Select One Answer
It is not necessary to transfer it until payment is made provided that interest is being earned and accounted for to the client
The same working day following receipt
The second working day following receipt
At month end office and client account reconciliation
Next question
The current threshold for which old client ledger balances can be paid directly to a charity is what?
Select One Answer
£50
£250
£500
£1,000
Next question
Which of the following is a breach of the rules for client accounts?
Select One Answer
A single client account for the firm where the name of the firm & the word 'client' are designated but without any reference to the client identity
A high interest account with a 7 day notice period for withdrawals
Holding your office account with a bank and your client account with a building society or vice versa when you undertake property work
None of the above
Next question
If client money has been received in $US what do the SARs rules require you to do?
Select One Answer
Convert to £GBP
Open a separate client account in $US
Make a disclosure to the COFA
None of the above
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