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.
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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