Client Money Policy for Letting Agents (Wales)
This Client Money Policy for Letting Agency (Wales) is designed for use by residential lettings agencies which operate in Wales. The policy sets out, for the benefit of both staff and clients, how the agency will deal with the receipt, banking and payment of client money.
This template policy includes a definition of client money, requires the agency and its staff to comply with legal and professional regulatory obligations and contains provisions regarding client bank accounts.
This Client Money Policy includes provisions for the agency to confirm that it is a member of a Client Money Protection Scheme. Under the Housing (Wales) Act 2014, letting agents must obtain a licence to carry out letting and/or property management work. When applying for a licence, letting agents will need to provide evidence that they have Client Money Protection, or have obtained it within six weeks of the licence being granted or their licence may be revoked.
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