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Safeguarding your money
Brokers who are members of the YBDSA under the Association of Brokers and Yacht Agents (ABYA) are governed by the ABYA Code of Practice. Amongst other things the Code requires brokers to have a Client Account, separate to their operating accounts, where deposits are held. This generally ensures that the funds cannot be taken into account by insolvency practitioners in the case of the company folding, and also that your deposit is not being used to pay the broker's 'phone bill! The broker has to operate the account and he holds the money in trust for the buyer.
BUYER'S TIP - never hand over more money than you need to until the contract is at completion. This is true of new-build and secondhand. New-build boats are normally paid for in identified instalments.
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