What is Client Money?
Client Money is monies belonging to another person, the client money could be in any form such as cash, cheque, or electronic.
This could be held for the client and might not be immediately payable.
Where is the Client Money held?
Duchy Lettings is under obligation to have separate client accounts, these accounts are held at Lloyds Bank.
Client money is available on request by the client.
The bank accounts are named as Duchy Lettings RE ‘Clients Name’.
Client Money Statement
All our client funds are held at Lloyds Bank.
All our client accounts are separated individual accounts separate to the company’s own account.
We hold written confirmation from Lloyds that our client accounts are secure and separate, they cannot be transferred to any other account in respect of any funds owed.
We have electronic, cloud-based records of all statements should they be requested and have details of every transaction.
The company has professional indemnity insurance which covers client money.
This document is viewable on our website and can be accessed by anyone.
The Control of Client Money
All employees must adhere to a strict segregation of duties and responsibilities, and a lead principal or qualified individual must oversee the client accounting function.
All accounting systems and all client information are securely monitored and safeguarded.
The company has backups, firewalls for emails regarding client money and is cloud based for all transactions.
The company has good cover for sickness and holidays.
No other employee can override the main system to gain access without specific permissions given electronically and securely.
Accounting System and Reconciliation
Our system is fully automated and electronic, it will show money balances live, it will show money in and money out, a statement is provided when a remittance takes place to the client.
All statements have the client’s name and address and refers to what property we are submitting a statement for.
Our software will not allow balances to become overdrawn, it flags immediately, and we contact the client for funds should we need them.
We have systems in place to control monies that have become unidentifiable, these funds are kept securely and are normally allocated promptly, such funds if not allocated are held for a period of six years will be donated to an official registered charity.
We may hold funds for a period of one calendar month before sending a statement, generally this money is sent on to the client when we receive the client money and the funds are allocated, however some clients prefer a monthly statement.
All client accounting/records, including copies of statements, remittances and reconciliations are kept for a minimum term of seven years.
The Control of Payments
Systems are in place to make sure there are sufficient client monies on account before payments are made by the company.
We do not accept cash.
Supplier/Third Party accounts are set up securely.
Please click the below link to see a copy of our
Client Money Protection Certificate
