What does it mean?
When you buy a boat from us you pay all monies in to our Protected Clients trust bank account which means that the buyers and sellers money is protected in a ring fenced account. This is the same account that solicitors set up for house sales .This money does not belong to the company it belongs to the buyer until the sale is complete and then we pay the seller from the company Clients Trust Account .The same process solicitors use for mortgage payments.
Buyer and seller be aware If you use a broker who does not have a Protected Clients Trust bank Account and they went bust you would lose your money and your boat. Unfortunately this has happened to many innocent buyers and sellers over the years who have lost everything. People’s money is at high risk when a firm or individual is in financial difficulty.
Clients Trust Accounts are still available but you must satisfy the banks strict criteria in order to obtain one. Google: Apply for a Clients bank Account
Always ask to see proof of the brokers Clients Trust Account.
Our industry is not regulated therefor its optional if a broker has a separate protected clients trust account.
We are members of the British Marine and we follow a strict code of practice regarding the above. You no longer need to have a Clients trust Bank Account to be a member of the British Marine.
We hope this explains what a Client Trust Bank Account is and you can be sure that you are buying/selling via a professional, ethical company who have morals, ethics, standards and think of their customers first.
Here is a video explaining what a Clients Trust Account is and you can see proof that we have a separate clients trust account.
We love boats and protecting our buyers and sellers monies ❤️
