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.
Optional phrases/clauses are enclosed in square brackets. These should be
read carefully and selected so as to be compatible with one another. Unused
options should be removed from the document.
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highlighted fields or adjust the wording to suit your purposes.
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