Regulation 10I Objective 1—removal of right to interest on unsecured claims for the return of client moneyF1
(1)
This regulation applies where—
(a)
a debt arises from a liability of the investment bank to return client money;
(b)
the client has not submitted a claim for payment of the debt by way of a distribution from the client money pool; and
(c)
the client makes an unsecured claim for payment of the debt.
(2)
The client is not entitled to interest on the debt for the period commencing on the date on which the investment bank entered special administration, except interest on such part of the debt which remains after deduction of the total amount which the client would have received on a claim for payment of the debt by way of a distribution from the client money pool.