Introduction
Alder King’s policy regarding the handling of Client Money meet the standards and guidelines as set by the Royal Institute of Chartered Surveyors (RICS) Regulations. It details how and where client money should be held and must be followed at all times to ensure Alder King’s compliance with legislative and regulatory guidelines.
Client Money
Client money relates to any money of any currency, whether in the form of cash, cheque, draft or electronic transfer received or held on behalf of a member of the public be they a person, firm, trust, body corporate or other organisation, including money held by a regulated firm as stakeholder, that is not immediately due and payable on demand.
All client money held by Alder King is protected and covered under the RICS Client Money Protection Scheme, up to the limits and exceptions as set out in the scheme rules.
Client Money Accounts
As outlined within the RICS Client Money Handling professional statement, all client money received or held by Alder King LLP is either banked into a general clients’ bank account, a designated discrete client account or held in a client controlled bank account.
Client monies are held separately from Alder King’s own monies and are easily identifiable and immediately available. Within the general clients’ bank account, each client’s money is recorded in individual client ledgers to maintain the segregation of funds.
All monies received, whether in the form of cash, cheque, draft or electronic transfer are paid into the relevant client money account which are held at either the Royal Bank of Scotland (RBS) or at Lloyds Bank.
Withdrawals
All monies withdrawn from a Client account, whether in the form of cash, cheque, draft or electronic transfer is subject to the Firm’s internal operating procedures and the authorisation of two signatories.
All payment requests are supported by the appropriate paperwork, verification and authorisation.
Interest and Charges
Client monies held in discrete bank accounts at RBS and Lloyds are interest bearing, whereas any accounts operating as multi-client accounts are not.
Any interest earned is credited to the client discrete account to which it belongs.
Reconciliation
Receipts are recorded on a daily basis and all Client Money bank accounts are reconciled monthly.
Reporting
Client reporting takes place monthly, quarterly or annually as required and agreed with the Client.
Monitoring
Alder King are audited annually to ensure compliance with the RICS client monies rules and regulations.