Client Money Handling Procedures

Blakestanley shall preserve the security of clients' money entrusted to its care in the course of its practice of business.

Our aim is to ensure that clients' money can be clearly linked to the clients to whom it belongs and is protected on their behalf at all times.

General controls

We ensure:

employees have clear segregation of duties and responsibilities and that a Director or appropriately qualified individual oversees the client accounting function.
that we employ competent and knowledgeable staff who are responsible for processing clients' money.
that our accounting systems and client data are securely controlled and protected.
that our computer systems are adequately protected for access, firewalls, backups and disaster recovery.
all departments and branches apply the same level of controls in relation to the client accounting function.

We ensure:

that our clients’ money is held in one client bank account separate from all other monies and that client money is available on demand.
any client bank accounts are correctly titled to distinguish the accounts from an office or any other account.
we have obtained written confirmation from the bank of the client account conditions.
we advise clients in writing of the bank account details

We ensure:

accounting records and systems are appropriate to the nature and volumes of client account transactions. We use a suitable software package to manage client money effectively.
our systems provide details of all money received into and paid from the client account.
our systems identify all receipts and payments to the client to which they relate.
all ledgers have the client name and an appropriate description, e.g. the property address.
client accounting records, including copies of reconciliations, are securely kept for at least six years plus the current year.

We ensure:

only a Director or Manager open incoming post.
procedures exist to ensure all clients’ money is banked within three working days.
all cash and cheques received by post or by hand are promptly recorded.
procedures exist to identify and distinguish between clients’ and office money.
mixed monies are initially paid into the client account and the office element paid in the office account when the receipt has cleared the bank.
fees received in advance for professional work not yet billed are paid into a client account pending completion of the work.

We ensure:

checks are made to ensure that sufficient funds are held on behalf of the relevant client before payments are made.
adequate authorisation and supervision procedures are in place for payments made by cheque, bank transfer and electronic methods.
all payment requests have supporting evidence and that documentation has been authorised in advance by a Director or other appropriate person.
blank cheques are not signed, and unused cheques are kept securely.
effective controls are in place over the setting up of new supplier accounts on the system.
cash payments are avoided.

If you have anymore questions, please get in touch with us.

Broadway Market
020 7254 7554

Chatsworth Road
020 8986 2743