CMP
Handling of Client Money
Scott Ford Management Limited (Trading as Scott Castle)
UKALA members must publish their client money-handling procedures in their website, as well as
making copies available to customers upon request.
Scott Ford Management Limited adheres to the Client Money Rules of Conduct using the following procedures:
All Client Money is held in a ringfenced Client Money Account/s with HSBC, an authorised
bank.
Scott Ford Management Limited operates Client Money Accounts into which all Client Money is paid
Scott Ford Management Limited ensures that Client Money Accounts are designated as such and are easily distinguished from any other account. - Scott Ford Management use an Internal Code System with (SC-AccountName or Site Name)
We have confirmed in writing with the bank holding the Client Money Account/s that the bank
acknowledges that the monies in the Client Money Account/s 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/s
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 Ford Management Limited Publishes its procedures for handling Client Money on our website
Scott Ford Management Limited 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
money.
Client money is repaid to the client upon request
Scott Ford Management Limited holds appropriate Professional Indemnity insurance cover
General Controls
Scott Ford Management Limited payments are processed by Directors only, and Auditors ensure that Any employees with the client money contact will always have clear segregation of duties
and responsibilities.
An appropriate individual oversees the client accounting function.
Scott Ford Management Limited employs competent and knowledgeable staff who are responsible for processing clients’ money and are familiar with Client accounting rules
Scott Ford Management Limited - 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.
Scott Ford Management Limited 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
function.
Block Management Properties
All sites managed by Scott Ford Management Limited have their own ringfenced clients accounts. Each site will have its own dedicated Xero Accounting Software (not linked to other properties) in which all transactions are evidenced and recorded. Each year a Chartered accountant will complete the required account filing and submission providing an audit on the years transacations. This is a 3rd Party company who do not have access to the funds but can view the live data. This is an additional level of security for client money.
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 Ford Management Limited 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
account transactions.
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
kept securely.
A list of client bank account details will be maintained
Reconciliations take place on a regular basis using Xero in which each payment in and out is coded.
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 Ford Management Limited 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
