Client Money Handling Procedure

NG Chartered Surveyors (NGCS) are an RICS regulated firm and are required to set out procedures for handling client monies. See NGCS Anti-Money Laundering policy on website – https://ng-cs.com/money-laundering-policy/

Accounts

All client monies are held in designated client money bank accounts (Client’s Accounts), details of which will be provided to the client at the time of instruction. No client monies are to be held in NGCS Office accounts.

Access to Funds

Access to client monies is restricted to the Principals and senior employees of NGCS, with authority given through the relevant bank’s mandate.

Payments

Payments may be made to NGCS online, BACS or by the payer directly through a bank counter, however NGCS do not directly accept cash. Cheques will only be accepted when a payer does not have online banking facilities or is unable to access high street banks. Cheques will be paid in within 5 working days of receipt. See “Cash & Cheque Handling Procedures” statement.

Authorisation of Payments

All monies paid out of a Client’s Account can only be authorised by a Principal. Payments are set up by a senior employee for authorisation, subject to the limitations on the client’s Management Agreement, authorized by the Principal, whereon the senior employee will make payment. Payments can only be made against an authorised invoice, or against a landlord’s Quarterly statements and similar which are based on reconciled monies detailed in the statement.

Interest and Bank Charges

NGCS operates a number of interest-bearing Client’s Accounts. It is agreed with clients that all interest payments received will be retained by NGCS as client’s monies to offset bank charges. Any monies in excess of bank charges will be retained within the Client’s Account for the benefit of that account.

Account Reconciliation

All Client’s Accounts are reconciled monthly against bank statements and our management software’s ledger. Reconciliations are produced by the Head of Client Accounts and approved and counter-signed by a Principal.

Information for Clients

Details of the Client’s Account into which a client’s monies will be placed and held are detailed to clients at the time of instruction and confirmed in the Management Agreement.

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