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Client Money Protection

As a member of UKALA Neil Douglas Lettings is required to handle client money in accordance with Appendix iii(4) of the UKALA scheme rules, and with the UKALA Accounting Standard, which assists members ‘compliance with industry best practice for holding and accounting for client’s money.

What is client money?i

Client’s money is money that we hold or have received on behalf of a client, such as tenants deposits, tenants rent, interest, arbitration fees, service charges, fee money taken in advance, Client money held due to be paid by contractors etc.

Client money handling procedures

To comply with the law, agents taking client money must display their client moment protection certificate in any office where we deal with the public and on our website. Our certificate can be found here

To comply with requirements set by UKALA for handling of client money we have done the following:

  • We have have set up a separate bank account for clients’ money;
  • The title of our clients’ money bank account is easily distinguished from the other accounts for our business;
  • We have in writing from our bank confirmation that all money is held by the business as an agent;
  • We have the banks written confirmation that the bank is not entitled to combine the clients’ money account(s) with any other account or to exercise right of set-off or counterclaim against money in that accounting respect of any sum owed to it or any other account of the business;
  • We have and maintain systems and controls which enable us to monitor and manage clients’ money transactions and any credit risk arising;
  • We have accounting systems and client data securely controlled and protected;
  • We obtain client’s written approval to make payments from their account;
  • We bank all clients’ money at the earliest reasonable opportunity;
  • We nominate authorised staff to handle money
  • We ensure that records show any and all cash transactions
  • We reconcile client accounts together with bank and cash balances at regular intervals in order to demonstrate control over the accuracy and completeness of accounting records;
  • We ensure there are always sufficient funds in the account to pay all amounts owing to clients; and to pay amounts owing to clients as they fall due without delay.

The UKALA scheme rules can be found at: www.ukala.org.uk/terms-and-conditions/

The UKALA Accounting Standard can be found https://www.ukala.org.uk/wpcontent/uploads/2019/03/UKALAAccounting- Standard-March-2019.pdf


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