Letting and Property Management Services 01733 350277info@letsbyhomestead.com

Handling of client money

Homestead Property Management Ltd is a member of UKALA with client money protection insurance.

Homestead Property Management Ltd adheres to the Client Money Rules of UKALA, using the following procedures:

  • All Client Money is held in a designated Client Money Account
  • Homestead Property Management Ltd ensures that Client Money Accounts are designated as such and are easily distinguished from any other account
  • We 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
  • Client Money is repaid without delay if there is no longer any requirement to retain that money
  • Homestead Property Management Ltd holds appropriate Professional Indemnity insurance cover and Office Insurance

General Controls

Homestead Property Management Ltd ensures:

  • An appropriately qualified/experienced individual oversees the client accounting function
  • Homestead Property Management Ltd employs competent and knowledgeable staff who are responsible for processing clients’ money and are familiar with Client Accounting rules
  • Homestead Property Management Ltd accounting systems and client data are securely controlled and protected
  • Our IT and Computer systems are adequately protected for access, firewalls, back-ups and disaster recovery
  • Homestead Property Management Ltd provides adequate cover for holiday and long-term absence
  • Principals cannot override controls surrounding the accounting system
  • All areas of the business apply the same level of controls in relation to the client accounting function

Client Accounting Systems and Controls

  • Accounting records and systems are appropriate to the nature and volumes of client account transactions.
  • Systems provide details of all money received into and paid from all client accounts
  • Systems identify all receipts and payments to the client to which they relate
  • Accounting records are completed promptly
  • All ledgers include the Client name and reference
  • Adequate controls are in place over unidentified client money to ensure that such funds are kept securely
  • Where Homestead Property Management Ltd is paid surplus client funds, the client will be located and reimbursed as soon as possible
  • A list of client bank account details will be maintained
  • Any unresolved differences or adjustments are fully investigated and explained
  • Reconciliation is an ongoing process
  • Any errors identified in the reconciliation process are promptly rectified

Controls over the payment of Client Money

Homestead Property Management Ltd ensures that:

  • Checks are made to ensure that sufficient funds are held on behalf of the relevant client before payments are made
  • Adequate authorisation procedures are in place for payments made by electronic methods
  • All payment requests have supporting evidence and that documentation has been authorised by a member of staff