These terms of business (Agreement) set out the terms on which Bleyer Limited trading as Bleyer and bleyerbullion.co.uk, agree to provide you with the services set out in this Agreement.
By using our services you agree to be bound by this agreement and we will rely on all its terms unless we agree otherwise in writing with you. For your own benefit and protection you should therefore read this Agreement carefully before using our services. If you do not understand any provision of this Agreement, or you have any queries you should contact us for further information before proceeding.
Once you have entered into this Agreement with us, it will remain in force until terminated in accordance with clause 16 below. Other than as set out at clause 16 you have no right to cancel or alter this Agreement.
- Our Services
- Buying bullion – placing an order
- Source of your bullion
- Transport and Storage of your bullion
- Selling your bullion
- Risk and Insurance
- Client Money
- Anti-money laundering requirements
- Prices and charges
- Data Protection
- Exclusion of Liability
- Force Majeure
1. Our Services
- We act as a dealer through which you can buy and sell bullion products including gold, silver and the platinum group of metals (PGM’s). You may purchase bullion through us on a physical, allocated (specific bars or coins segregated for specific customers in storage) or unallocated (in a pool) basis.
- Please note that if you wish to buy bullion in an allocated account you must buy in multiples of whole bars or coins which can then be can be physically segregated.
- The price you pay or may receive when buying or selling bullion through us is described below at clause 9 as are our fees and charges for acting on your behalf. Liability for VAT on the sale or purchase of different metals is set out at clause 11.
- We act as a dealer only and do not provide any advice on the merits of buying and selling gold and other metals for investment purposes or otherwise. You must ensure that you understand the risks associated with buying and selling bullion before you proceed. Some of these risks are listed below but this is not an exhaustive statement of all the risks involved. Other risks may exist which are not described here:
- risks associated with the fluctuations in relevant market price movements;
- risks associated with being able to find a buyer at an acceptable price when you wish to sell your bullion;
- solvency risks relating to goods in production and/or Bleyer when holding gold or other metals on an unallocated basis;
- risk of bank insolvencywhilst your cash is held in our client account; and
- insurance risk if an event leading to the loss of your bullion is excluded under the terms of the relevant insurance cover.
2. Buying bullion – placing an order
- If you wish to purchase bullion through us, on an allocated or unallocated basis, you can do so on our website. If your order is over our thresholds, you require storage from us or we need to verify your identity for other reasons, we will need to carry out compliance checks prior to sending your items – see clause 8 of this Agreement for details.
- When you order on our site you will receive an automatic order confirmation. If payment has not been made at the time of purchase by card, we expect this to arrive within a few hours of receiving the order. We accept payment by Bank Transfer, Debit and Credit Cards for purchases under £10,000 and cash for which a surcharge is added (currently but not limited to 1.5% of the invoice total)
- In order to keep our prices competitive and offer our customers the best possible deals our margins are often quite tight, if a delay in payment in a volatile market causes our purchase costs to exceed the price at time of order confirmation, we reserve the right to renegotiate with you or cancel your order. This may also happen when our supplier increases their price to us without warning – it is impossible for us to always be aware of these changes. Fortunately this rarely happens.
- At our discretion we may agree to execute your order where we have received the majority of the amount required in cleared funds or a sizeable deposit. Where we choose to do this you are required to settle that outstanding amount by direct transfer to our client account by the end of the following working day. In the case where we have accepted a deposit to secure your order, you are legally bound to complete the transaction at the agreed price and pay the balance of funds within 48 hours. If you fail to pay the sum in full then we have the right to reverse the order and any losses incurred as a result will be deducted from your deposit.
- In the event that you provide funds in excess of those required to complete your order we will refund any surplus by either making a direct bank transfer back to you within 2 working days, unless otherwise agreed with you in writing.
- Upon completion of your order and receipt of all funds from you:
- bullion purchased on a physical basis will be either collected by you or delivered to you, or delivered to storage as per your instructions to us.
- bullion purchased in an unallocated account will be credited to you; or
- bullion purchased in an allocated account will be put through to production at our supplier and when delivery is taken, it will be physically segregated and you will be notified of the unique identification number of the bar(s) that you now own.
- bullion purchased on an allocated basis which is already in our vault will be physically segregated and marked as yours. You will be notified of the unique identification number of the bar(s) that you now own.
3. Source of your bullion
- All new bullion purchased through us is bought from LBMA member refiners and mints that guarantee that their bullion is of a minimum quality. It also means that the bullion is more easily saleable when you wish to dispose of it.
- Where we buy back bullion for resale we check the history of ownership and obtain evidence wherever possible. In the majority of cases we are used to handling bars and coins that we buy back. If in doubt about an item we will send it for scrap, rather than risk passing it onto another customer.
4. Transport and Storage of your bullion
For further information please refer to our Shipping and Returns Policy
- We strongly recommend that you use our preferred custodian Loomis International to store your gold, platinum and palladium bullion. Our custodian is an established, well regarded, international enterprise that has been operating for over 60 years. The service they provide is approved by both the London Bullion Market Association (LBMA) and the Financial Services Authority (FSA).
- For clients wishing to purchase VAT free, we also offer a customs warehouse solution, provided by Baird & Co. Baird & Co are Members of the LBMA and are regularly inspected by independent auditors. This vault is only used for silver and other precious metals subject to VAT. Within this facility it is possible to buy, store and sell your metals without incurring VAT. Tax may become due on physical withdrawals, depending on the destination tax jurisdiction.
- Clause 6 sets out the position with regard to insurance from when your bullion is purchased from the refiner, during its transportation and whilst it is stored by one of our custodians.
- We store both bars and coins. Storage at Loomis is calculated at 0.8% per annum of the fix price (calculated on a daily basis) based on the quantity of gold, platinum, palladium or rhodium you have stored with us. Discounts are available for larger holdings. To make storage available for smaller amounts, we simply ask a £50.00 fee plus VAT to cover the overheads charged by our provider for putting your gold in, or taking it out, of the facility, this is charge per event. We also only pass on withdrawal postage and insurance to you at cost.
- We provide secure storage for silver in the Channel Islands due to the VAT advantages for existing customers only. Storage for silver is calculated at 2% per annum of the silver value held, this percentage may be reduced for larger holdings. Storage fees are payable annually in advance and are based on the value of your silver at the start of the year. The silver is insured at the daily rate as described in clause 6.6. There is a minimum charge of £200 per annum for this service. For more information call us on 01769 618618. This service is currently closed to new customers, although existing account holders may add to their holdings.
- All unallocated bullion is stored with our recommended custodian and will be subject to the charges set out at clause 9.
- Where you have opted to have your bullion delivered to an address other than our storage facility, we will ship using the most appropriate service, given the value and weight of your parcel. We will send you a shipping notification and particularly in the case of heavy orders or pre-orders may call to arrange a suitable delivery date.
- Bleyer will be liable for the safe delivery of your parcel until it has been delivered to the address stated as the shipping address.
- If a customer amends the shipping details with the courier or postal service and agrees for the parcel to be left in a safe place or sent to a different address, the responsibility transfers to the customer and Bleyer cannot be held responsible for any subsequent loss.
5. Selling your bullion
- If you wish to sell your bullion held in storage or in your own possession then please call us for a quote.
- Unless otherwise agreed, we cannot provide you with a firm price until your bullion is in our possession. If we quote you a fixed price, this is based on you sending to us immediately on a next day service.
- If you wish to sell or otherwise retrieve bullion held in storage we require written instructions, bearing your signature to be able to authorise the release of your bullion held in our vault. You should notify us by phone or e-mail of your intentions and we will give you an indication of the price likely to be achieved and when we anticipate the sale can be completed. We will provide written confirmation once a mutually acceptable price has been agreed.
- Once the sale of your bullion has been completed and we are in receipt of the proceeds in cleared funds we will remit the funds to you immediately unless otherwise agreed.
6. Risk and Insurance
- Risk in any bullion purchased through us, on a physical, allocated or unallocated basis, will pass to you as soon as you have taken possession either on our premises or off them. You will be deemed to have ‘taken possession’ when we have physically handed the product over to you, following a payment to us either immediately, beforehand or in advance. If we send a package to the address given to us by you and this is signed for on your behalf by another person we will consider that possession and liability has passed from us to you. It is therefore up to you to ensure that you are happy with the arrangements at your postal address.
- Insurance cover is provided by the refiner and starts as soon as the refiner has been paid by us for an order, this applies whilst the bullion is in production and ends when the bullion is collected by our recommended custodian or delivered and signed for at an alternative destination (ie: your home or work). As stated at clause 6.5 below, if the bullion is collected by our recommended custodian it will then be covered by their insurance. If delivered to an alternative destination you will be responsible for maintaining your own insurance cover – see clause 6.11.
- The insurance provided by the refiner insures the bullion at its current market value at the time it is in the possession of the refiner.
- In the event of a refiner becoming insolvent whilst holding your unallocated bullion, you should note that you will rank as an unsecured creditor of that company. The risk of their insolvency is not covered by their insurance.
- Upon collection and storage by our recommended custodian, the custodian will at all times maintain insurance for the bullion covering partial and/or total physical loss and damage to the bullion whilst it is in the actual physical custody of the custodian, its employees or authorised warehouse operators.
- The insurance provided by our custodians insures the bullion at market ‘fix’ prices. These are recalculated on a daily basis but do not cover any purchasing overheads.
- Please note that the insurance described above may not cover the full value of your bullion at any given point in time due to fluctuations in market value of the bullion that may take place whilst the bullion is in the possession of the refiner and custodian or any fluctuation that occurs after any insured loss relating to the bullion. Furthermore, the insurance cover provided by the refiner and our recommended custodian may be subject to certain exclusions (for example loss due to war or terrorism). Further details are available on request.
- We will arrange for annual, audits to cover all bullion stored by us on behalf of our clients on an allocated or unallocated basis. This is to confirm that the amount of physical bullion stored is equal to or greater than the amount of bullion sold to clients.
- Once your unallocated bullion has been collected by our custodian it is held in the name of Bleyer Limited. Consequently upon the insolvency of Bleyer you would rank as an unsecured creditor of Bleyer. The risk of Bleyer’s insolvency is not insured.
- If you choose to store your bullion other than with our recommended custodian, you will have to make your own insurance arrangements from the time that custody passes from us to you or your nominated custodian.
7. Client Money
- All money belonging to you which is held by us prior to or following the execution of an order from you to buy or sell bullion will be held in our client account with the Barnstaple branch of Barclays Bank plc.
- Your money held in our client account will only be applied by us for the following purposes:
- to buy bullion in accordance with instructions received from you or at a future date;
- to return funds to you in accordance with your instructions;
- to pay any fees or other sums due from you to us under clause 9 of this Agreement or otherwise, where those fees or other sums are not paid by the due date; and
- for any other purpose agreed by you and us in writing.
- Barclays Bank plc has confirmed in writing that:
- all money in our client account is held by us as trustee for our clients and belongs beneficially to our clients;
- it is not entitled to combine our client account with any other account or to exercise any right of counterclaim or set-off against money held in our client account in respect of any monies owed by us to Barclays Bank plc on any other account held by us with Barclays Bank plc; and the title of our client account, as stipulated by us, sufficiently distinguishes our client account from any account containing money belonging to us held at the Barnstaple branch of Barclays Bank plc.
- We will not pay interest on monies in the client account since funds are generally held for a short time and interest rates are low.
8. Anti-money laundering requirements
- In some cases anti-money laundering legislation in the UK requires us to identify you, by verifying your identity and address, before we deal on your behalf.
- You will therefore be asked to register on our site and provide information so that we can verify your identity and permeant address before we will accept any instructions from you. This only applies to single purchases in excess of £5,000 or £10,000 in any rolling one year period. We reserve the right to collect the necessary documentation and run checks to satisfy our obligations
- We will not be responsible for any losses suffered by you as a result of you failing to provide information required by us under clauses 8.1 and 8.2 above or if the information that you provide under these clauses is inaccurate, untrue or misleading and as a result any order placed by you is delayed, cancelled or otherwise adversely affected as a direct result of your actions.
- You also agree to be responsible for any losses and/or expenses suffered by us which are the result, and which a reasonable person would consider to be the result, of any inaccurate, untrue or misleading information given by you to us under this clause 8.
- We will only accept deposits to our client account from you if they come from another bank by card or direct bank transfer. We may accept cash by prior agreement; this will incur a standard cash handling fee, [typically 1.5% but not limited to], of the purchase price. We reserve the right to request further information from you in relation to any funds deposited in our client account where these funds originate from a bank not regulated in the UK by the Financial Services Authority or in any circumstances where we consider it prudent to do so or where we have a duty to do so. Where we choose to do this we will not be bound to accept or execute any order or instructions from you until we are satisfied as to the source of the funds and we will not be responsible for any losses or expenses suffered by you which are caused by any delay or for any other reason occasioned by our request for such information.
- If your only method of payment is by cheque we will not confirm the price until your payment has cleared. Since we have no local branch, the cheque will take an additional 2 days to reach our bank so there could be a time delay from when you post the cheque to us of a week to ten days.
9. Prices and charges
- As set out at clauses 2 and 5 the buying and selling price for your bullion will be determined by reference to the world metal Spot Price, plus or minus an additional percentage margin as will be decided by us from time to time. When buying, premiums are related to our purchase costs for the item.
- We may from time to time display indicative margins, or provide sample illustrations on our website. However, please note that we are not bound by these margins.
- Where you buy gold and / or silver on an allocated basis and it is stored with our recommended custodian you will be required to pay the following charges:
- Management Fee – 0.8% per annum of the value of the gold stored plus VAT and 2% per annum of the value of the silver stored.
- Where you buy gold and /or silver on an unallocated basis and it is stored with our recommended custodian you will be required to pay the following charges:
- Management Fee – 0.5% per annum of the value of the gold stored and 2% per annum of the value of the silver stored.
- The management fees set out at clauses 9.3 and 9.4 include charges for storage and insurance described at clause 6. The prices for other metals may differ from those applied to gold and silver. These are available upon request. You may be charged for any additional handling charges levied by the custodian for movement of your bullion in and out of store at your request. Fees are payable in advance based on current prices, normally on an annual basis, unless otherwise agreed. As the insurance and storage costs to us are calculated daily there will be an adjustment applied in the form of a charge or credit to the account at the end of each year or other agreed charging period or when the account is closed (whichever comes first).
- Unless otherwise agreed in writing with us, all fees set out at clauses 9.3 or 9.4 are payable annually within 30 days of receipt of an invoice from us and are calculated in relation to the price of the metal over the course of the year (see 9.5). We reserve the right to require payment in advance of a sum specified in writing to you. Where you have agreed to pay fees set out at clauses 9.3 or 9.4 monthly or quarterly, these are also payable within 30 days of receipt of an invoice from us.
- In the event that any fees due to us under this clause 9, or any other sums due from you to us under this Agreement, are not paid on the due date we reserve the right to apply any sums held on our client account in your name to discharge such overdue sums, without giving any further notice to you. We are also entitled to charge interest on overdue sums at the rate stated at clause 15.8 from the due date until the date of actual payment, after as well as before any judgment.
- In addition to our rights under clause 9.8 where any sum remains outstanding from you to us for not less than 90 days from the due date, we will exercise a lien over your bullion stored with us and may, upon providing you with not less than 30 days notice (not to expire earlier than 90 days from the due date), sell all or part of your bullion and deduct from the proceeds all amounts owing to us. You would also be responsible for any related costs normally associated with selling.
- All prices stated at this clause 9 are expressed exclusive of VAT which will be payable at the standard rate where applicable – see clause 11.
10. Communicating with you
- We will communicate with you in English by telephone, e-mail, sms text, or first class post. Our contact details are set out below:
Barley & Vine, 121 East Street, South Molton, EX36 3BU
Telephone: 01769 618618 and e-mail: firstname.lastname@example.org
- We will ask you to provide your contact details when you place your first order with us. We will then be entitled to use these contact details in relation to all matters conducted for you under this Agreement unless you advise us otherwise. If your contact details change it is your duty to notify us of this in writing. Upon receipt of such notification we will contact you to confirm your new details.
- If you wish to allow someone else to act on your behalf, we request that you provide us with a signed confirmation of the extent to which they have this authority. They will also need to send us a certified copy of their ID and address so that we have means to verify their identity.
- When we need to contact you to discuss an order you have placed we will use the contact information provided by you to us and held within your account or order details. If there are any issues with this it is up to you to let us know.
- Where we have used the most up to date contact details for you, provided by you at the outset or subsequently under clause 10.2, we will not be responsible for any losses or expenses suffered by you as a result of our using those details, should they be out of date, inaccurate or otherwise incorrect.
- If you fail to keep your contact details up to date this may compromise some of the protection and security you may enjoy by dealing with us. You will also be responsible for any losses and/or expenses suffered by us which are the result, and which a reasonable person would consider to be the result, of any inaccurate or out of date contact details provided by you.
- Where you choose to communicate with us by e-mail you accept that the internet is not a secure medium and as such in exceptional circumstances beyond your or our control, such communications may be capable of being read by third parties. In such circumstances we shall not be responsible for any losses or expenses suffered by you unless we have breached this Agreement or otherwise been grossly negligent in our conduct.
- We do not keep stock on the premises, nor do we allow unauthorised persons onto the premises. Clients are welcome to collect their order in person at a mutually agreed location. But all collections of physical Gold and / or Silver must be made by prior agreement with our staff, with notice in advance. We also reserve the right to request you to bring identification documents with you.
- VAT at the standard rate will normally be applied to all fees for goods and services. The sale of investment gold is currently zero rated. Other metals are taxed at the standard rate. The possibility of other taxes and charges not imposed by us or collected by us also exists; for example Capital Gains Tax. Although we are able to tell you which Gold and/or Silver products incur CGT and VAT we are not by law able to advise you on your TAX position.
- As stated at clause 1.4 and above, we do not provide advice on the merits of buying and selling bullion for investment purposes or otherwise. For the avoidance of doubt we also do not provide advice on the personal and/or other taxation treatment of any person who instructs us to buy and sell metals on their behalf. It is the responsibility of any such person to make the appropriate declarations and disclosures to the relevant taxation authorities and to seek professional advice where appropriate.
12. Data Protection
- In order to carry out our obligations to you under this Agreement we will ask you to provide us with your personal details.
- We will store your personal details and details of your transactions with us electronically and/or in paper format.
- We will use your personal details provided to us under this agreement for the following purposes;
- to carry out our obligations to you under this Agreement;
- where necessary to enable third parties, subject to clause 12.4, to carry out their obligations to us under contracts we may enter into with them; and
- contact you by telephone, sms text, email or post about products and services that you may be interested in, provided by us (or by third parties), subject to clause 12.4 and 12.5.
- Where we pass your details to a third party under clause 12.3.2 we will permit that third party to use your details only to the extent necessary to carry out their obligations under any contract with us and for no other purpose.
- We will never pass your details to any third party for marketing purposes and will never permit any third party to use your data for such purposes. If at any time you wish us to cease using your personal data for marketing purposes ourselves, please contact us using the details set out at clause 10.1 above.
- You are entitled at any time to see a copy of the information we hold about you, subject to the payment of a small fee. Please contact us using the details set out at clause 10.1 if you wish to do this.
- At all times whilst this Agreement is in force, unless required to do otherwise by law or by any relevant authority we will only process your data in accordance with this clause 12 and at all times will comply with the Data Protection Act 2018.
13. Exclusion of Liability
- Should either you or we breach this Agreement, subject to clause 13.2, neither of us shall be responsible for any losses that the other suffers, other than losses which are a foreseeable consequence of failing to comply with this Agreement.
- We shall not be responsible for losses that result from a failure by us to comply with this Agreement including, but not limited to, your losses that fall into the following categories:
- loss of income or revenue;
- loss of business;
- loss of anticipated savings;
- loss of data; or
- any waste of time.
- Clause 13.2 does not include or limit in any way your or our liability for:
- death or personal injury caused by negligence; or
- fraud or fraudulent misrepresentation; or
- any breach of the obligations implied by section 12 – 15 of the Sale of Goods Act 1979 or section 2, and sections 13 – 14 of the Supply of Goods and Services Act 1982; or
- losses for which it is prohibited by section 7 of the Consumer Protection Act 1987 to limit liability; or
- any other matter for which it would be illegal or unlawful for you or us to exclude or attempt to exclude our liability.
- Your basic right to cancel a distance selling contract within the normal period of 14 days does not apply due to Gold & Silver, Platinum & Palladium as listed under ‘The Consumer Contracts Regulations’, Regulation 28. This outlines that the right to cancel can be excluded for the supply of goods or services for which the price is dependent on fluctuations in the financial market, which cannot be controlled by the retailer and which may occur within the cancellation period. For retailers selling precious metals online, the price is dependent on fluctuation in the financial market therefore this exemption is relevant.
14. Force Majeure
- We will not be liable or responsible for any failure to perform, or delay in performance of, any of our obligations under this Agreement that is caused by events outside our reasonable control (Force Majeure Event).
- A Force Majeure Event includes any act, event, non-occurrence, omission or accident beyond our reasonable control and includes in particular (without limitation), the following:
- civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war; or
- fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster; or
- impossibility of the use of railways, shipping, aircraft, motor transport or other means of public or private transport; or limited use, or
- impossibility of the use of public or private telecommunications networks and/or internet or limited use.
- Our obligations under this Agreement are suspended for the period that the Force Majeure Event continues, and we will have an extension of time to perform these obligations for the duration of that period. We will take reasonable steps to bring the Force Majeure Event to a close or to find a solution by which our obligations under this Agreement can be performed despite the Force Majeure Event.
- If any court or competent authority decides that any of the provisions of this Agreement are invalid, unlawful or unenforceable to any extent, the provision will, to that extent only, be severed from the remaining provisions of this Agreement, which will continue to be valid to the fullest extent permitted by law.
- If we fail, at any time while this Agreement are in force, to insist that you perform any of your obligations under this Agreement, or if we do not exercise any of our rights or remedies under this Agreement, that will not mean that we have waived such rights or remedies and will not mean that you do not have to comply with those obligations, subject to the Limitation Act 1980. If we do waive a default by you, that will not mean that we will automatically waive any subsequent default by you. No waiver by us of any of this Agreement shall be effective unless we expressly say that it is a waiver and we tell you so in writing.
- A person who is not party to this Agreement shall not have any rights under or in connection with this Agreement under the Contracts (Rights of Third Parties) Act 1999.
- This Agreement shall be governed by English law and we both agree to the exclusive jurisdiction of the English courts in relation to any dispute arising out of this Agreement.
- We may amend these terms at any time by giving you not less than 21 days notice in writing. You will not be bound to accept that variation and upon receipt of our notification may terminate this Agreement under clause 16 below.
- For the purposes of this Agreement “working day” means a day (other than a Saturday, Sunday or public holiday in England) when banks in London are open for business.
- This Agreement represents the whole agreement between you and us. In entering into this Agreement you acknowledge that you have not relied on any statement, representation, assurance or warranty from us other than as expressly set out in this Agreement.
- Should any sums remain outstanding from one party to the other under this Agreement past the due date, the receiving party shall be entitled to charge the paying party interest at the rate of 4% above the base rate of Barclays Bank plc from time to time from the due date until the date of payment, after as well as before any judgment.
- Due to the sometimes extreme fluctuations in the spot price of precious metals, if the price rises by more than 1% from the time of fixing the price of your purchase, to the funds clearing into Bleyer’s account, Bleyer reserve the right to re-negotiate the price and will give the customer the right to cancel if they do not want to buy at the re-negotiated price.
- We do our best to ensure that prices on our website are correct at all times but purchasing premiums occasionally change without our prior knowledge. Although rare, it is also possible, due to human error or a technical glitch, that the website may display an incorrect price. In these cases we will do our best to honour this for the sake of goodwill, but in cases where the prices falls below the cost of delivery we reserve the right to cancel a previously confirmed order. The customer may then re-order at the correct price.
The sections below do not apply to bullion sales via our website since distance selling rules apply. The sections below refer to situations where we hold money on account for you and provide you with storage or other services.
- Either you or us may terminate this Agreement at any time by giving notice in writing to the other party of not less than 21 working days.
- Termination will not prejudice any rights or obligations of either party that have accrued prior to termination, including but not limited to any rights relating to outstanding fees.
- Where you or us have given notice of termination we will contact you to agree whether any outstanding orders should be processed and what action you wish to take with regard to any bullion you currently hold (on an allocated or unallocated basis) through us and our recommended custodian. For the avoidance of doubt, notwithstanding any termination of this Agreement you will continue to be responsible for our management fees until your bullion is sold or otherwise removed from our control and we reserve the right not to comply with your instructions to dispose of your bullion or otherwise transfer it unless our outstanding fees are settled in advance in cleared funds.
 Money held in our client account is not considered the asset of Bleyer but client monies so in the case of Bleyer becoming insolvent money held in this account is ringfenced for clients only. If the bank itself became insolvent then this would be a matter outside our control.