Designation of Client Accounts:
We maintain separate designated client accounts for holding client money. These accounts are distinct from our business accounts and comply with regulatory requirements.
Client Money Protection Scheme Membership:
We are proud members of an approved Client Money Protection Scheme, providing financial protection to our clients' funds in accordance with UK regulations.
Click here to view our Client Money Protection Certificate
Receipt and Handling of Client Money:
Client funds are deposited into designated client accounts without delay, typically on the same day of receipt.
Accurate records of all client transactions, including receipts, payments, and transfers, are maintained using our dedicated accounting software.
Client Money Withdrawals and Disbursements:
Client funds are withdrawn from designated client accounts only for authorized purposes, such as rent payments to landlords or refunds to tenants.
Withdrawals are subject to proper authorization and documentation, with approvals obtained from authorised personsl.
Regular reconciliations of client account balances are conducted to ensure accuracy and detect any discrepancies promptly.
Interest on Client Money:
Any interest earned on client money is handled in accordance with regulatory guidelines and promptly paid to the relevant parties, where applicable.
Client Money Protection and Insurance:
We maintain adequate professional indemnity insurance to protect client funds in the event of negligence, fraud, or misappropriation
Client Money Handling Policies and Procedures:
We have developed comprehensive policies and procedures governing the handling of client money within our agency.
Our staff members receive training on these policies and procedures to ensure compliance and understanding of their responsibilities.
We regularly review and update our client money handling policies in response to changes in regulations or business practices.
Compliance and Reporting:
We conduct periodic internal audits to assess compliance with client money handling regulations and internal policies.
Accurate records of all client money transactions are maintained and provided to regulatory authorities upon request.
Any suspected instances of fraud, misappropriation, or regulatory non-compliance are reported to the appropriate authorities promptly.
Client Communication and Transparency:
We maintain open and transparent communication with our clients regarding the handling of their funds.
Clients receive regular statements and updates on account activity, and inquiries or concerns are addressed promptly with clear and accurate information.
By adhering to these client money handling procedures, we demonstrate our commitment to compliance, transparency, and the protection of our clients' funds as a UK letting agent.