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

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

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