Handling Client Money Policy

This document outlines Rent My Home’s procedure for handling client money and ensures compliance with the Property Redress Scheme and The Client Money Protection Scheme for Property Agents 2018. View legislation.

Online Estate Agents Ltd trading as Sell My Home and Rent My Home (“Rent My Home”) is a member of the Property Redress Scheme and Client Money Protection (CMP).

Client Money Handling Procedures

• All Client Money is held in a Client Money Account with Barclays Bank PLC.
• Money is paid directly into the Client Money Account.
• Client Money Account details are found within our Terms of Business.
• Records and accounts are retained to show all dealings with Client Money.
• We publish our procedures for handling Client Money on our website.
• Client Money is repaid without delay if retention is no longer required.
• We hold appropriate Professional Indemnity insurance cover.

General Controls

• A qualified individual oversees the client accounting function.
• Competent staff are responsible for processing client money.
• There is segregation of duties and responsibilities.
• Accounting systems and client data are securely controlled.
• IT systems are protected with firewalls, backups, and disaster recovery.
• Reconciliations are performed regularly.
• Principals cannot override accounting system controls.

Client Bank Accounts

Rent My Home holds client money in a ring-fenced client account separate from all other monies.

The bank account is correctly titled to distinguish it from office or other accounts.

Written consent is provided where interest is retained by the agent.

Client Accounting Systems and Controls

• Accounting records show all client account transactions.
• Systems identify receipts and payments related to each client.
• Overdrawn balances on client ledgers are prevented by system controls.
• Surplus client funds will be reimbursed or donated after six years.
• Client account details are maintained.
• Daily and monthly reconciliations are performed.
• Errors identified in reconciliation are promptly rectified.
• Client accounting records are securely kept for at least six years.

Controls Over Payment of Client Money

• Checks ensure sufficient funds are held before payments are made.
• Payment requests have supporting evidence and prior authorization.
• Payments by cash are discouraged and subject to additional checks.
• Controls are in place over setting up new supplier accounts.

Updated and reviewed: January 2025