Regulatory Alerts2011-12-22
Added · Updated
Childminding agencies and the prohibition under Section 3:5 of the Wft
The prohibition under Section 3:5 of the Financial Supervision Act (Wft) generally does not apply to childminding agencies because payments received from parents are not considered repayable funds. Once parents pay the agency, their obligation to the childminder is discharged, and they cannot claim reimbursement, meaning the agency does not hold funds it must repay. This classification remains unchanged even if the agency uses a separate customer accounts foundation to segregate funds. An exception applies only if parents retain the right to claim repayment from the agency before the funds are passed on to the childminders.
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