Client Money Handling Procedure Denfords Property Management shall preserve the
security of clients’ money entrusted to its care in the course of its practice
or business.
Our aim is to ensure that clients’ money can be clearly
linked to the clients to whom it belongs and is protected on their behalf at
all times and in particular, in the following circumstances:
Insolvency Misappropriation
by any party Transfer
of client money to another organisation
Should clients’ money be misappropriated, the firm will
inform our regulating body RICS and, where appropriate, the police and our
insurers.
General controls
We ensure:
employees
have clear segregation of duties and responsibilities and that a Principal
or appropriately qualified individual oversees the client accounting
function. that
we employ competent and knowledgeable staff who are responsible for
processing clients’ money and who are familiar with the Rules. that
our accounting systems and client data are securely controlled and
protected. that
our computer systems are adequately protected for access, firewalls,
backups and disaster recovery. there
is adequate cover for holiday and long term absence. Principals
cannot and do not override controls surrounding the accounting systems. all
departments and branches apply the same level of controls in relation to
the client accounting function.
Client bank accounts
We ensure:
that
our clients’ money is held in one or more client bank accounts separate
from all other monies and that client money is available on demand. any
client bank accounts are correctly titled to distinguish the accounts from
an office or any other account. we
have obtained written confirmation from the bank of the client account
conditions.
Client accounting systems and controls
We ensure that:
accounting
records and systems are appropriate to the nature and volumes of client
account transactions. We use a suitable software package to manage
client money effectively. our
systems provide details of all money received into and paid from all
client accounts and show a running balance of all client money held in
that account. our
systems identify all receipts and payments to the client to which they
relate; for example by means of client ledgers showing cash balances held
on behalf of clients at all times. accounting
records are completed chronologically and promptly. the
current balances at the total and client levels are always available. all
ledgers have the client name and an appropriate description, e.g. the
property address. overdrawn
balances on client ledgers are prevented by the systems or controls in
place and where they do occur are investigated and rectified immediately. adequate
controls are in place over unidentified client money to ensure that such
funds are kept securely. The clients are located and reimbursed as
soon as possible. Such funds held for more than three years are
donated to a registered charity. a
central list of client bank accounts is maintained including dates of
opening and closing accounts. we
complete a reconciliation at least once every month where clients’ money
is held in a general client account. reconciliations
are reviewed and signed off by a Principal or an appropriate independent
senior member of staff. client
accounting records, including copies of reconciliations, are securely kept
for at least six years plus the current year.
Controls over the receipt of client money
We ensure that:
only
a Principal or appropriate staff independent of accounting staff open
incoming post. procedures
exist to ensure all clients’ money is banked within three working days. all
cash and cheques received by post or by hand are promptly recorded. procedures
exist to identify and distinguish between clients’ and office money. mixed
monies are initially paid into the client account and the office element
paid in the office account when the receipt has cleared the bank. duplicate
receipts are issued for cash received and controls over the physical
security of cash are effective. unbanked
client money receipts are kept secure.
Controls over the payment of client money
We ensure that:
checks
are made to ensure that sufficient funds are held on behalf of the
relevant client before payments are made. a
copy of the bank mandate is held and is up to date. adequate
authorisation and supervision procedures are in place for payments made by
cheque, bank transfer and electronic methods. adequate
supervision is in place where payments are made by non-principals. all
payment requests have supporting evidence and that documentation has been
authorised in advance by a Principal or other appropriate person. blank
cheques are not signed, and unused cheques are kept securely. effective
controls are in place over the setting up of new supplier accounts on the
system. cash
payments are avoided. This policy was last updated in May 2026.
