We have set up a separate bank account for clients’ money.
The Clients’ money bank account is easily distinguished from other Record accounts.
We have in writing from our bank confirmation that all money is held by the business as an agent.
We have the banks written confirmation that the bank is not entitled to combine the clients’ account with any other account. Or to exercise right of set-off or counterclaim against money in this account in respect of any sum owed to it from any other account of our business.
We have systems and controls that enable us to monitor and manage clients’ money transactions and any credit risk.
Our accounting systems & client data are securely controlled and protected.
We have our client’s written consent to make payments from the Client account.
We bank all clients’ money at the earliest opportunity.
Only named staff are authorised to handle money
Our accounts provide accurate records of all cash transactions.
We reconcile the Client account together with bank & cash balances at regular intervals in order to demonstrate control over the accuracy and completeness of accounting records.
We confirm there are always sufficient funds in the account to pay money owing to clients as they fall due