Whirledge & Nott’s procedure for handling client money and sets out the principles and regulatory conditions that we must satisfy when handling client money in compliance with Rule 8 of the RICS Rules of Conduct for Firms.
Where is the client money held?
All client money held by Whirledge & Nott is held at Barclays Bank (which is authorised by the Prudential Regulatory Authority (PRA), The Bank of England and the Financial Conduct Authority) in one of three accounts:
- Whirledge & Nott Ltd Client Account
- Whirledge & Nott Ltd Tenant Deposit Client Account
- Whirledge & Nott Ltd Number Three Client Account
We have written confirmation from the bank that:
- All money standing to the credit of the Client Accounts is client’s money
- The bank is not entitled to combine the accounts with any other account or exercise the right to set off
- Any charges or interest levied in respect of a general or composite client account shall not be debited to the client accounts but to an office account
All client money paid to us by automatic bank transfer will be paid into the Whirledge & Nott Ltd Client Account. Any cheques received will be banked within 3 working days of receipt into the same account.
Any money received which we are unable to identify will be held on the client account pending investigation. Where we are unable to identify a transaction within 10 working days these funds shall be returned to the sending bank.
We repay any client money without delay if there is no longer any requirement to retain that money or if the client requests it.
Recording client money transactions
We regularly record all transactions on the client accounts using accounts software. These are reconciled on a monthly basis and signed off by the financial controller of the company.
We have systems in place to identify all receipts and payments to the client which they relate and ensure these ledgers have an appropriate name and description as per RICS regulations.
Paying rents received by tenants to landlords
Money held in our client account which is due to a landlord will be paid to them on a regular basis (usually monthly) unless we have specific instruction to retain the money for the time being. This will only occur if a large invoice is due, such as for a repair, which will have been authorised by the client and signed off by a principle or other appropriate person.
Sufficient checks are made to ensure sufficient funds are held on behalf of the relevant client before payments are made and client’s accounts are never overdrawn.
Landlords must, when at the commencement of the property management service agreement, nominate a bank account for us to transfer funds into. This will be evidenced by a bank statement or bank card and if a bank account is changed mid contract then further evidence will be requested before we can make another payment.
All rents received on behalf of landlords are sent to HMRC annually via the HMRC Rent return. This is compulsory for all agents and no landlord is exempt.
Deposits held on behalf of tenants
Details of all deposits will be held separate from all other client money in the Whirledge & Nott Tenant Deposit Client Account.
All residential deposits will be registered with The Dispute Service (TDS) within 30 days of receipt. The TDS website can be found at:
No deposits will be returned to tenants without written confirmation of their bank details confirmed over the telephone or in person.
Client Money Protection Scheme
Client money is protected through the RICS Client Money Protection Scheme. For exclusions and limits click HERE.
Our client money scheme administrator is Amanda Rose.
Professional Indemnity Insurance
We hold Professional Indemnity Insurance underwritten by Arch Insurance (UK) Limited.
Further details including certificates can be provided upon request.