Client Money Handling Policy
Client money is defined as money that Smartrose Estates Limited holds or receives for or from a landlord or tenant and can be of any currency. This could be in the form of cash, draft, cheque, or electronic transfer and includes money held by Smartrose Estates Limited as a stakeholder, and which is not immediately due or payable on demand to Smartrose Estates Limited for its own account.
The following policy is strictly operated by Smartrose Estates Limited in the handling of client money.
- We have set up a separate bank account for Clients’ Money.
- The title of our Clients’ Money bank account is easily distinguished from other accounts of our Business.
- We have and can provide in writing confirmation from Our bank that all Client Money is held by the Business as an agent and that the bank is not entitled to combine the Client Money account(s) with any other account or to exercise any right of set-off or counterclaim against money in that account in respect of any sum owed to it on any other account of the Business.
- We have and maintain systems and controls which enable us to monitor and manage Clients’ Money transactions and any risk arising.
- Our accounting systems and client data are securely controlled and protected.
- We obtain client’s written approval to make Client account payments on their behalf.
- We bank all Clients’ Money at the earliest reasonable opportunity.
- Only nominated and authorised staff handle clients’ money.
- We keep records of all cash transactions.
- We reconcile client accounts together with bank and cash balances at regular intervals to demonstrate control over the accuracy and completeness of accounting records.
- We ensure there are always sufficient funds in the account to pay all amounts owing to clients, and;
- We will repay any amounts owing and due to clients as they fall due without delay.