The Association of Brokers & Yacht Agents is calling for a partnership with UK Banks to develop an industry-leading solution to Pooled Client Accounts

Published: 27 May 21

ABYA is looking to work with UK banks to develop a Pooled Clients Account product that offers additional protection to its member customers.

In the past 6 months ABYA members, many of whom are FCA registered, and have been committed to and supporting their current bank for over 20 years, have seen some High Street Banks withdrawing pooled clients’ accounts because of changes made to the JMSLG guidelines.

UK Yacht Brokers has recently seen some High-Street Banks withdrawing pooled client accounts because of a change to their risk appetite following changes made to JMSLG guidelines.

Yacht Brokers wishing to be members of ABYA are required to have and demonstrate extensive knowledge of the practices relating to the [financial] industry, including Anti-Money Laundering and Know Your Customers. Equally, members have to display that they have established a high level of competence and application of these practices through an assessment panel. In addition to adhering to a strict Code of Practice, ABYA Members are required to maintain professional standards through continuing professional development to maintain their membership.

ABYA have close working relationships with UK regulatory bodies in the industry including HM Revenue & Customs, Trading Standards, Maritime & Coastguard Agency, and British Marine.

The holdings company for ABYA, Yacht Brokers, Designers & Surveyors Association (YBDSA) was founded in 1912 and has since established itself as industry leaders in Yacht Brokerage and Surveying.

If you are interested in exploring this opportunity to work with ABYA to develop a pooled or segregated client account for its members then please send an email to Peter Norris, the Chairman of ABYA, using the following email address. ABYAChair@abya.co.uk

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