1. Policy statement
Cooper Green Pooks is an RICS-regulated firm committed to handling client money with the highest standards of security, transparency, and integrity. This policy ensures full compliance with the RICS Professional Standard, Client Money Handling, 1st Edition (effective from 1st January 2020) and the Client Money Protection Scheme Rules.
2. Definitions
– RICS: The Royal Institution of Chartered Surveyors.
– Client Money: Any money received and held by the firm for another person, including rent, service charges, and arbitration fees.
– Office Money: Money that is due and payable to the firm for its own account, such as agreed fees.
– General Clients’ Bank Account: a client bank account which holds pooled client money belonging to more than one client.
– Discrete Bank Account: A client named / designated bank account used exclusively for holding client money for a single client.
– The firm: CGP Residential Lettings LLP, CGP Commercial Management LLP, CGP Residential Sales LLP and CGP Commercial Property LLP, each being separate legal entities trading as Cooper Green Pooks. Each firm is regulated by RICS
3. Client money accounts
Client money will be held in a separate bank account from the firm’s office funds. The account title must include “client” and the firm’s name. For discrete accounts, the client’s name or property address should be included. We hold written confirmation of the bank’s terms, including confirmation that the bank has no right of set-off against the account.
Within the general clients’ bank account each client’s money is recorded in separate ledgers to maintain segregation of monies.
The firm has exclusive control over the client money held within its client money accounts.
4. Handling client money
Receipt of funds: Client money will be promptly paid into a client money account, where possible on the day of receipt. Mixed funds will initially go into the client account, with the office money transferred out promptly. All receipts must be recorded accurately.
Payments from client accounts: Client money can only be used for the client’s matters and with their written instructions. Fees can only be withdrawn after sending an invoice or obtaining written consent for automatic deductions. Sufficient funds must be available before making payments on behalf of a client. Access to funds is restricted to principals of the firm and senior employees. Payments will only be made on behalf of clients if sufficient funds are held for the relevant client.
Interest: The General Clients’ Account is an interest bearing instant access bank account. The firm absorbs banking charges associated with this account and is entitled to retain interest earned. This offsets banking and administrative costs associated with the operation of the accounts and transactions.
Any interest earned on client money held in a Discrete Bank Account belongs to the relevant client, unless a written agreement states otherwise. Associated bank charges are absorbed by the firm unless agreed otherwise with the client in writing.
5. Accounting records and controls
Accurate records of all client money transactions will be maintained. Electronic data will be protected with security measures and backups. Disaster recovery procedures are in place for accounting systems. Systems are designed to prevent overdrawn client ledger balances, and any found will be immediately investigated.
6. Reconciliations
Client bank accounts will be reconciled regularly, at least monthly, with reviews and approval by a principal or senior staff.
7. Unidentified and unclaimed funds
Efforts will be made to identify the owners of unidentified client money. If unsuccessful after three years, the funds may be donated to a registered charity, with a receipt and indemnity obtained.
8. Training and supervision
Staff handling client money will receive regular training. There will be appropriate supervision and segregation of duties.
9. Non-compliance and breaches
Breaches of this policy or the RICS standard will be investigated and addressed. Breaches will be recorded, and consideration given to informing RICS and clients. Misappropriation requires immediate notification to RICS, the client, and insurers.
10. Anti-money laundering and combating bribery
The firm will comply with anti-money laundering legislation and the relevant RICS professional statement.
11. Reporting and information provided to clients in respect of money held on their account
Client financial reporting frequency is agreed with each client and is documented within our terms of engagement. Information relating to client funds held is shown within these statements of account. Statements of account are typically provided monthly, quarterly, or annually, depending on the terms agreed with clients individually.
12. Publication
This policy will be made available on the firm’s website or provided upon request.