Client Money Handling Policy and Procedures

  1. We have set up a separate bank account for clients’ money; This account is a segregated account authorised by the Financial Conduct Authority (FCA) for this purpose.

These are examples of Client Money

  • Tenant Deposit
  • Tenant rent
  • Interest
  • Arbitration Fee
  • Service Charges
  • Fee Money Taken in Advance
  • Client Money held due to be paid to Contractors
  • Sale Proceeds
  • Money held by member appointed as a receiver.
  1. The account is easily identified as Oak County Property Management Client Account and is distinguished from other accounts of our business.
  2. We have it in writing from our bank confirmation that all money is held

by the business as an agent.

  1. We have our banks written confirmation that our bank is not entitled to combine the clients’ money account with any other account or to exercise right of set-off or counterclaim against money in that account in respect of any sum owed to it or any other account of the business.
  2. We have and maintain systems and controls which enable us to monitor and manage clients’ money transactions and any credit risk arising.
  3. We have accounting systems and client data securely controlled and protected.
  4. We obtain client’s written approval to make payments from their account.
  5. We bank all clients’ money at the earliest reasonable opportunity; Any money taken as cash must be deposited in the Client account within 3 working days
  6. We nominate authorised staff to handle money
  7. Whilst if in not normal policy to handle cash We ensure that records show any and all cash transactions.
  8. Any unidentifiable transactions are treated as client money until they are identifiable and verified otherwise.
  9. 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.
  10. We ensure there are always sufficient funds in the account to pay all amounts owing to clients; and
  11. We pay amounts owing to clients as they fall due without delay.

For a more detailed summary of the above visit 001 UKALA – Accounting Standard Letter (25 Oct 2022) copy