SCHEDULES

SCHEDULE 6E+W Bodies Recognised under s.32: Supplementary Provisions

Application of rules relating to accounts and interest on client’s moneyE+W

15E+WF1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15(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 [F8is eligible for appointment as a statutory auditor under Part 42 of the Companies Act 2006].E+W

(2)An accountant shall not be qualified to give any such report in relation to a recognised body if he [F9would be prohibited by section 1214 of that Act (independence requirement) from acting as statutory auditor] of that body.

16(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.E+W

(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.