Scott Castle - Property Management - www.scottcastle.uk - 01202 397321
Handling of Client Money
Scott Castle is a member of UKALA.
UKALA members must publish their client money handling procedures in their website, as well as
making copies available to customers upon request.
Scott Castle adheres to the Client Money Rules of Conduct, using the following procedures:
All Client Money is held in a ringfenced Client Money Account with HSBC, an authorised
Scott Castle operates Client Money Accounts into which all Client Money is paid
Scott Castle ensures that Client Money Accounts are designated as such and are easily
distinguished from any other account.
We have confirmed in writing with the bank holding the Client Money Account that the bank
acknowledges that the monies in the Client Money Account must not be combined with, or
transferred to, any other account maintained by the firm, and the bank shall not be entitled
to exercise any right of set off counterclaim against the money in the Client Money Account
in respect of any sum owed to it in respect of any other account of the firm.
Records and accounts are retained which show all dealings with client Money and
demonstrate that all Client Money held by the firm is held in a Client Money Account.
Scott Castle Publishes its procedures for handling Client Money on our website
Scott Castle provides copies of our procedures for handling Client Money to any person who
may reasonably require a copy, free of charge.
Records are retained which provide a history of all dealings with Client Money.
Client Money is repaid without delay if there is no longer any requirement to retain that
Client money is repaid to the client upon request
Scott Castle holds appropriate Professional Indemnity insurance cover
Scott Castle, its accounts team and Auditors ensure that;
Any employees with the client money contact will always have clear segregation of duties
An appropriately qualified individual oversees the client accounting function
Scott Castle employs competent and knowledgeable staff who are responsible for processing
clients’ money and are familiar with Client accounting rules
Scott Castle Accounting systems and client data are securely controlled and protected
Our IT and Computer systems are adequately protected for access, firewalls, back-ups, and
Scott Castle provides adequate cover for holiday and long-term absence
All areas of the business apply the same level of controls in relation to the client accounting
Client Bank Accounts
Scott Castle holds client’s money in designated ring-fenced client accounts. Client money is available
on demand. The bank accounts are correctly titled to include the name of the firm and the word
“client” to distinguish the account from an office or any other account. This also includes accounts
where Scott Castle manage an estate or block. Written consent will be provided where interest has
been retained by the Agent.
Client Accounting Systems and Controls
Accounting records and systems are appropriate to the nature and volumes of the client
System provide details of all money received into and paid from all client accounts and show
running balance of all clients money held.
Systems identify all receipts and payments to the client to which they relate
Client ledgers show cash balances held on behalf of clients at all time
Accounting records are completed promptly
All ledgers include the Client name and reference
Overdrawn balances on client ledgers are prevented by system controls
Adequate controls are in place over unidentified client money to ensure that such funds are
A list of client bank account details will be maintained
Reconciliations take place on a regular basis.
Any transaction / payments received are logged the next working day to allow a full day
worth of transactions to ensure all payments are received.
Multiple / bulk payments made in and out of the accounts are logged, created with a unique
reference and a copy is saved separate from the system to allow tracking.
Any errors identified in the reconciliation process are promptly rectified.
Controls over the payment of Client Money
Scott Castle 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 placed for payments made by electronic methods
All payments requests have supporting evidence and that documentation has been
authorised in advance by a Branch Manager
Effective controls are in place over the setting up of new supplier accounts on the system
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