Blundy's Property Management Client Money Handling Procedure

To comply with requirements set by UKALA for handling of client money we:

• Have set up a separate bank account for clients’ money;
• Have the title of our Clients’ money bank account easily distinguished from other accounts of our business;
• Have in writing from our bank confirmation that all money is held by the business as an agent;
• Have the banks written confirmation that the bank is not entitled to combine the clients’ money account(s) with any other account or to exercise right of set-off or counterclaim against money in that accounting respect of any sum owed to it or any other account of the business;
• Have and maintain systems and controls which enable us to monitor and manage clients’ money transactions and any credit risk arising;
• Have accounting systems and client data securely controlled and protected;
• Obtain client’s written approval to make payments from their account;
• Bank all clients’ money at the earliest reasonable opportunity;
• Nominate authorised staff to handle money;
• Ensure that records show any and all cash transactions;
• Reconcile client accounts together with bank and cash balances at regular intervals in order to demonstrate control over the accuracy and completeness of accounting records;
• Ensure there are always sufficient funds in the account to pay all amounts owing to clients;
• To pay amounts owing to clients as they fall due without delay.