Client Money Protection

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