mail@dobbinandsullivan.com
0208 221 9610
Handling Client’s Money Procedure
At Dobbin & Sullivan, we adhere to the RICS professional standards and guidelines to ensure the safe, transparent, and efficient management of client money. Our process reflects our commitment to ethical practices and regulatory compliance. Below is an outline of our procedures for handling client money:
1. Definition of Client Money
Client money includes funds we hold or receive on behalf of clients, including but not limited to:
• Rents
• Service charges
• Deposits
• Funds held for property transactions or maintenance
2. Client Money Account
• All client funds are held in a designated Client Money Account separate from Dobbin & Sullivan’s operational accounts.
• These accounts are maintained at a recognised UK bank or building society.
• Each client money account is clearly labelled to distinguish it from business funds.
3. Accounting and Reconciliation
• Client money accounts are reconciled at least monthly to ensure accuracy.
• Detailed records of all client funds received and paid out are maintained and monitored.
• Discrepancies are investigated promptly and resolved in line with RICS requirements.
4. Use of Client Funds
• Funds are used exclusively for the intended purpose as authorised by the client.
• Written approval is obtained before disbursing any funds outside agreed purposes4.
5. Security of Funds
• Comprehensive internal controls are in place to protect client funds.
• Access to client money accounts is limited to authorised personnel.
• Insurance is maintained to safeguard against potential risks, including cyber threats and fraud.
6. Transparency and Reporting
• Clients receive regular statements detailing transactions and balances related to their funds.
• Any interest earned on client money is handled according to the terms agreed with the client.
7. Independent Audits
• Client money accounts are audited annually by independent, qualified accountants.
• Audit results are available for review upon request.
8. Compliance with RICS Standards
• Our procedures align with the RICS Client Money Protection Scheme.
• We review and update our policies regularly to ensure continued compliance with RICS guidelines.
9. Complaints and Dispute Resolution
If a client has concerns about the handling of their money, they can contact us directly to resolve the issue. Complaints can also be escalated to the RICS Dispute Resolution Service if necessary.
View RICS Certification >
For further inquiries regarding our client money procedures, please contact:
Nick Robinson
Managing Director
Dobbin & Sullivan Chartered Surveyors