To establish that the clients’ money held can be reconciled to the client to whom it belongs to and is secured on their behalf at all times and available to be returned to the client when required.
What is client money?
Client money is money paid by cash, draft, cheque or electronic transfer that the firm holds or receives for or from a client. It also includes any money held as Deposits.
How are cash or cheque receipts dealt with?
A receipt will be issued for monies received by cash or cheque which will be paid into the Clients Account as soon as practical, in any event not later than three working days after receipt.
How is client’s money held?
All clients’ money and Deposits are paid into the nominated bank account being Ullyotts (Driffield) Limited Clients Account which is protected by the RICS Money Protection Scheme.
When will you pay me?
Payments can only made from cleared funds and will be made direct to your nominated bank or building society account.
How often does the firm make payment?
Payments from cleared funds are made each working day.
Do I have my own account within the firm?
Yes, each client has a separate nominal ledger which is a complete and secure record of all your payments and receipts.
Is the accounting package secure?
A property industry software package is used.
Does the firm comply with the RICS Client Money Protection Scheme?
Yes, the firm complies with the scheme which offers Client Money Protection.
Which bank holds the money?
National Westminster Bank PLC. Sort Code 60 07 05, Account number 40061736, Account name Ullyotts (Driffield) Limited Clients Account.
Can the bank claim the money?
No, the bank has confirmed in writing that it is unable to exercise any right of set off or counterclaim against the money in the clients account.
What happens if the bank defaults?
In the event of bank default the Financial Service Compensation Scheme (“FSCS”) may not protect any money held in the client’s bank account. Details of FSCS can be obtained online. The firm does not act as principal and has no responsibility or liability to compensate for monies held in the event of loss caused by bank default.
Does the bank account attract interest?
No, the account is a non-interest bearing bank account.