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.

This template policy includes a definition of client money, requires the property management company 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 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.

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.

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Client Money Policy for Property Management Companies (Wales) is part of Property. Just £38.50 + VAT provides unlimited downloads from Property for 1 year.