Unique Property Services & Inv.Ltd operates a clear transparency with all clients’ money entrusted to its care in compliance with government regulation governing handling of clients’ money in business organisation.
We consider client money to encapsulate the following:
Any currency (whether cash, cheque, draft or electronic transfer) that we hold or receive on behalf of our clients as part of the delivery of our services
EXCLUDING AMOUNTS WHICH ARE IMMEDIATELY DUE AND PAYABLE ON DEMAND.
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.
The allotted and identified money will be available on for credit back or returned to the client whenever a request for such is made.
It is our policy that should clients’ money be misappropriated, Unique Property Services & Inv Ltd will inform our governing body, where appropriate, the police and our insurers for clear solution to the problems.
Unique Property Services & Inv Ltd will make sure that:
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 rules governing client money policy.
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.
Unique Property Services & Inv Ltd will make sure that:
that our clients’ money is held in one or more client bank accounts separated from all other monies and ensure that clients’ money is available on demand.
All client money accounts are solely utilised for client money and do not include office money (i.e. funds relating solely to Unique Property Services own business). 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.
we advise clients in writing of the balance in their bank account details and agree the terms of the account handling, including arrangements for interest and charges.
we obtained written consent from our clients regarding retention of interest.
Unique Property Services & Inv Ltd will make sure that:
Records are maintained for all accounts maintained by Unique Property Services & Inv Ltd, including an audit trail of transactions for each account.
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.
All 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 six 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 ‘three way’ 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.
Our Management Agreements and any other client agreements adequately explain that money is held in a Clients’ Money Bank Account, including the name and address of the bank.
Unique Property Services & Inv Ltd will make sure 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.
a reconciliation is performed between money received by post and that day’s banking.
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.
fees received in advance for professional work not yet billed are paid into a client account pending completion of the work.
duplicate receipts are issued for cash received and controls over the physical security of cash are effective.
unbanked client money receipts are kept secure.
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.
insurance and adequate Principal 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.
