Client Money Policy for Property Management Companies (Wales)
This Client Money Policy for Property Management Companies (Wales) is designed for use by property management companies 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.
Why Download This Template
This template helps property management companies:
- Demonstrate compliance with Welsh letting and property management regulations
- Clearly define how client money is handled, protected, and recorded
- Build trust with landlords, tenants, and stakeholders; and
- Reduce financial and regulatory risk
What This Client Money Policy Covers
This template policy provides a clear framework for how a property management business handled client funds and includes provisions for the property management company to confirm that it is a member of a Client Money Protection Scheme. Under the Housing (Wales) Act 2014, companies managing tenancies in Wales must obtain a licence to carry out letting and/or property management work. When applying for a licence, property management companies 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.
This is a template and should be adapted as necessary. The template can be adapted for letting businesses.
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.
This document is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
Once you have purchased access to the appropriate document folder click on the “download document” button below. You will be asked what you want to do with the file. It is recommended that you save the document to a location of your choice prior to viewing.
Client Money Policy for Property Management Companies (Wales) is part of Property. Just £38.50 + VAT provides unlimited downloads from Property for 1 year.