Client Money Handling

 

Client Money Handling Procedure

Property managers must adhere to certain laws and follow requirements set by their professional membership body in relation to how they handle client money.

As a member of UKALA (UK Association of Letting Agents), we comply with legislation and adhere to UKALA scheme rules and  accounting standards by:

  • having a separate ringfenced bank account to hold client money;

  • naming the clients bank account to ensure it is easily distinguished from other accounts of our business;

  • obtaining in writing from our bank that all money is held by the business as an agent;

  • having the banks written confirmation that the bank is not entitled to combine the clients’ money account(s) with any other account or to exercise right of set-off or counterclaim against money in that accounting respect of any sum owed to it or any other account of the business;

  • having and maintaining systems and controls which enable us to monitor and manage client money transactions and any credit risk arising;

  • having accounting systems and client data securely controlled and protected;

  • obtaining client’s written approval to make payments from their account;

  • banking all client money at the earliest reasonable opportunity;

  • nominating authorised staff to handle money;

  • ensuring that records show any and all cash transactions;

  • reconciling client accounts together with bank and cash balances at regular intervals in order to demonstrate control over the accuracy and completeness of accounting records;

  • ensuring there are always sufficient funds in the account to pay all amounts owing to clients; and

  • to pay amounts owing to clients as they fall due without delay.

We are also required to be a member of a Client Money Protection (CMP) Scheme as an additional layer of protection of client money. Further details can be found on our Client Money Protection page by clicking here where our membership certificate can also be viewed.