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RICS Client Money Handling Scheme
As an RICS Regulated firm Price Taylor LLP is a member of the RICS Client Money Protection Scheme, and in accordance with Practice Statement: Client Money 1st Edition October 2019.
The scheme rules including exclusions and limits under the scheme may be found by visiting here.
Client Money Procedures
- Client money is held in a designated client account, separately from other general accounts. Client bank account details (name of account, and name and address of bank) are provided in writing to clients.
- Post is opened by a designated member of staff and any Cheques when received are logged, kept securely, and systems are in place to ensure the cheques are banked promptly.
- We do not routinely received cash, but where cash is received, a numbered duplicate receipt is provided, and the money is kept secure, and systems are in place to ensure the cash is banked promptly.
- Access to funds held in client accounts and Authorisations of payment out of client accounts is restricted to a designated Partner.
- Bank charges are not charged to client accounts. Any interest receivable is paid into client accounts.
- Client account movements are monitored regularly and client account reconcillation is carried out on a monthly basis and no more than six months apart, except where there are one or two client account movements reconciliation is quarterly. Reconcillations are signed off by a designated Partner.
- Requests for information by clients as to client money held on their account will be dealt with promptly and the frequency of reporting of client money will be confirmed with clients as required on a client by client basis.
