Handling Clients Money Flashcards
1
Q
What sets out good practice for handling clients money?
A
The professional standard ‘clients money handling’ 2019
2
Q
What is good practice for handling clients money?
A
Holding client money
providing info to clients
receipts of client money
payments from clients’ accounts
accounting records and controls
compliance
3
Q
What procedures should be in place for handling clients money?
A
Client accounts must be kept separately and clearly identifiable
clients must be able to have monies on demand
the word client must be on the account
regular bank recs done
2 signatures required
4
Q
What is the scheme called which is a last resort proving protection in instances where rics firms are unable to repay client money
A
The clients money protection scheme
5
Q
A
