An agency has a sales trust account and a rental trust account. The principal wants two licensees in charge to share authority over the rental account so that one is always available. What does Fair Trading's guidance say?
Correct Answer
B) Each trust account may have only one licensee in charge authorising withdrawals.
Fair Trading's licensee in charge guidance and the supervision guidelines require each trust account to have only one licensee in charge who can authorise withdrawals, although one licensee in charge may be responsible for several accounts. A business may have several licensees in charge for different parts of the business, and cover for absences comes from appointing a replacement class 1 licensee in charge.
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