Client Money Handling Procedure – Updated January 2020
Core Property Management & Consultancy Ltd is an RICS regulated practice.
This Client Money Handling Procedure has full regard to the RICS professional statement –
‘Client Money Handling’, 1st edition, October 2019.
Money collected from and for clients is held in ‘client’ accounts, properly designated, and
separate from the company’s own business account, with either RBS or HSBC. (Specific
details included with terms of business).
Access to funds is restricted to principals and appropriate senior employees.
Cash and cheques received are paid into client accounts as soon as possible, generally the
same day or within 1 working day. A suspense client account is utilised where there is
legitimate query, or dispute before acceptance.
An operational check list is used in connection with the authorisation of payments from a
client account. This provides for double checking of payment limits, and where changes of
bank details are notified by suppliers, or clients. A client account cannot be overdrawn, and
the software utilised has procedures to regulate this. Payments from client accounts require
2 authorised signatories.
Core general client accounts are not interest bearing and Core does not receive any interest
from money held in the normal course of business. Bank charges are paid by Core
separately, and reconciled with clients where appropriate, by reference to terms of
business. Where discrete client accounts are set up for deposits, service charges, and the
like, any interest received is credited to the account.
Client accounts are checked and reconciled regularly, and in accordance with RICS
requirements. Such checks include for unpresented payments, balance with cashbook and
bank statements, and are verified by a senior member of staff.
Core produces regular quarterly statements for management clients, in accordance with its
terms of business. Such statements include full details of receipts, and expenditure.
Statements are produced as soon as possible after each quarter end.
