PROTECTING YOUR CLIENT MONEY

Protecting your client money is paramount to the success of your business and ours!

The decision to outsource client accounting is not one any agent takes lightly.

For this reason we believe transparency is crucial.

It is essential that you know what happens to your client money and how we handle and process it when you entrust your client accounting to us.

We've got you covered ...

Client Money Protection (CMP) in place as members of Propertymark’s CMP scheme
Professional Indemnity insurance policy has a £5 million ‘any one claim’ limit & includes cover for misappropriation of client money
Full members of The Property Ombudsman
Propertymark members in our own right & hold Approved Industry Suppliers status
We process & handle client money in accordance with all legislation & industry trade body rules

So here's what you need to know..

YOUR CLIENT ACCOUNT(S)

If I have an existing client account will I need to move it?
No. You just need to approve us to work on it. We provide a seamless transition without the hassle of tenants having to change their payment details, standing orders etc.
Can The Letting Partnership set up a client account for me?
Yes. We have the facility to open client accounts with Lloyds Bank on behalf of agents using our client accounting services. The perfect solution if you are having difficulties with your bank or just don’t want the hassle.
Will my client account be held separately from other Letting Partnership client accounts?
Yes. The title of the account will include your company’s name and have its own account number. It will not be used for any purpose other than to collect and process your client money
Is money ever moved / swept from my client account into another account?
Never!  Your account is completely ring-fenced and we will never combine or ‘sweep’ any monies from your client account in to any other account
Will I have any access to my client account?
Yes. The client account is managed & controlled by us but we will arrange with the bank for you to have ‘read-only’ access
Will I receive a ‘no right of set-off’ letter from the bank?
Yes. We will send you a copy of the letter from the bank which confirms that they have no right of set-off against money held in your client account

ACCOUNTING RECORDS

How often will my client account be reconciled?
Daily. In the unlikely event that there is a difference we will immediately take action to resolve it, and you will always be kept informed
Is there an audit trail?
Yes. In accordance with GDPR regulations The Letting Partnership keep full records of all client money transactions

SECURITY

Who has access to my client account?
Only the members of TLP staff who are specifically assigned to process your account.
What security checks are in place for making payments?
Bank cards and card readers are stored securely in a fire-safe cabinet and signed in and out each day by a senior member of staff. All payments are authorised by two members of our client accounting team

What next?

Get in touch to see how we can help you or request a no-obligation quote