I have received a notification from Goodbody stokbrokers that new regulations have been introduced regarding Client Asset Regulations (SI 104/2015) which relate to the safeguarding and protection of client assets held by Goodbodys, the purpose of the rules is to strengthen safeguards for holding client assets and facilitating the efficient return of these assets in the event that the firm becomes insolvent.
However together with this letter is a client consent form which is asking the client to agree to move their assets to a third party based outside the rep of ireland "which does not have regulatory safeguards similar to the rules in place"
Even more worrying - " place client assets with third parties that may have a security interest or lien over, or right of set-off in relation to those assets"
It is a bit confusing as the cover letter seems to point out the benfits of the new regulations but the consent form seems to be requesting that the client agrees to move the assets to a third party/country where the regulations do not apply
However together with this letter is a client consent form which is asking the client to agree to move their assets to a third party based outside the rep of ireland "which does not have regulatory safeguards similar to the rules in place"
Even more worrying - " place client assets with third parties that may have a security interest or lien over, or right of set-off in relation to those assets"
It is a bit confusing as the cover letter seems to point out the benfits of the new regulations but the consent form seems to be requesting that the client agrees to move the assets to a third party/country where the regulations do not apply