Client Money Handling Procedures

As property agents in England and being a regulated firm, this document is a statutory requirement by RICS.

This firm complies with the RICS client money handling professional statement.

These procedures are strictly adhered to and a brief explanation of these is explained below.

1. Client monies are held in Client accounts at Lloyds Bank.
2. Access to these funds is restricted to Directors/Partners.
3. Timescales for payment of cash and cheques in to a client account is processed on a daily basis.
4. Payments are approved by the head of property management and payments are authorised by a single director/partner up to £25,000.00 and 2 for over.
5. By prior agreement with our Clients. Interest on rent accounts accrues to client, while interest on service charge accounts accrues to service charge. Any general bank charges on these accounts is the responsibility of Newton Perkins. Additional charges for Faster, Chaps and International payments are charged by prior agreement to the client.
6. Reconciliations of accounts and reconciling items are processed on a timely basis after due date and are approved by the head of property management.
7. As agreed with Clients on an individual basis, detailed financial statements are issued on a quarterly basis.