1.   Client Money Handling Procedures  

1.1   Our Commitment  

Sneller Property Consultants Ltd (Company No 2620622 and RICS Registered Firm No (006545) are committed to complying with the RICS Professional Statement Client Money Handling (1st Edition, October 2019).

Sneller Property Consultants Ltd is registered with the RICS Money Protection Scheme .  

This document sets out our Client Money handling procedures. This is to ensure that:

• Our client money is kept safe
• Our client money accounts are used for appropriate and agreed purposes only
• That we have controls and procedures in place
• Client money available at all times for clients and bank accounts cannot go overdrawn.   

This document has been prepared in July 2024 and will be reviewed and updated where necessary on an annual basis.  

1.2   Definition of Client Money  

Client Money is defined by RICS as “money or any currency (whether in the form of cash, cheque, draft or electronic transfer that:  

• A RICS regulated firm holds for or receives on behalf of another person, including money held by a regulated firm as stakeholder and
• Is not immediately due and payable on demand to the RICS regulated firm for it s own account”  

Client money excludes any fees paid in advance to Sneller Property Consultants Ltd for professional work agreed to be performed and are identifiable as such (eg service charge management fees).      

2.   Client Accounts  

Prior to holding Client Money, we complete checks in accordance with our anti-money laundering procedures to ensure we verify the identity of the client prior to holding Client Money on their behalf.  

We notify the bank in writing that money in a Client Account is held as Client money to ensure the bank does not combine the account with any other account or exercise their right to set-off or counterclaim against money owed to it on any other account of the firm. We receive written acknowledgement from the bank relating to these terms.  

Client money is received into the Sneller Property Management General Clients’ bank account.

Our General Client account is a bank account holding Client Money received on behalf of more than one client.  

Client bank accounts include the word ‘Client’ in the name to distinguish the accounts from an office or any other account.  

Details of the bank account relating to each client and their property are set out in each client’s Property Management Agreement.  

Client Monies are held separately to our own Office monies and are easily identifiable and immediately available. Within the General Clients bank account each client’s money is recorded and segregated into individual ledgers.    

3.   Systems and Controls

• We use Chronos software packages to manage Client Money
• All our computer systems are password and two factor authentication protected
• Our system provides details of all money received into and paid from client accounts and show a running balance of all client money held in that account
• We use ledgers to identify receipts and payments for each client
• We provide reports to clients on all Client Money that we are holding and the movement in and out of client money over the reporting period.
• Client balances are always immediately available
• A central list of client bank accounts is maintained including dates of opening and closing accounts. ·
• Reconciliations are completed monthly for each Client account
• Overdrawn balances on client ledgers are identified by our accounting systems and controls put in place. If they do occur, they are investigated and immediately corrected.  

We do not accept cash but all cheques received by post are logged and posted on date of receipt to our to our designated Clearing Bank with paying in details of correct bank for funds to be credited to. (reason for this as no Bank Branch in Teddington). This process from date of receipt of cheque to clearing client account takes up to 5 working days.                      

4.   Authorisation for payments from a Client Account  

Only Directors and co signatories can authorize the payment of monies from a Client Account.  

All payment requests are accompanied with supporting documentation that has been checked and authorised.

We employ competent personnel that are responsible for processing client’s money who are familiar with RICS rules.    

5.   Interest and Bank Charges

Client bank accounts are interest bearing instant access accounts. Sneller Property Consultants Ltd will either:  

• Cover the banking charges for the operation of these accounts and keep any interest earned.
• We do not pass the banking charges costs on to the client, and all client interest earned is passed to client.  

The agreement relating to bank charges and interest are set out in the respective Property Management Agreements.    

6.   Reconciliation and Reporting

• Bank accounts are reconciled monthly using a reconciliation between the bank, and individual Nominal ledgers as required by the RICS.  
• We report to our clients quarterly. This is set out writing in each client’s Property Management Agreement.  
• Reconciliations are reviewed and signed off by a Principal Director or an authorized signatory before issuing.  
• All accounting records for each property and client are kept for a period of 6 years.  
• If any unidentified funds are received, we return them to the sender within 5 working days. All unidentified funds are copied and recorded internally.  
• Any funds over three years old where a client has not been identified will be paid to a registered charity with a receipt and indemnity retained.