Compliance

Client Money Protection Scheme

 

RICS Client Money Protection Scheme

 

RICS Client Money Protection Scheme.

As part of our property management and lettings service we are now obliged by law to hold client money in a government-approved Client Money Protection Scheme. This scheme offers redress to tenants and landlords of rent, unprotected deposits or other client funds in the event that monies have been misappropriated or fraudulently disposed of. This firm offers safeguards by being a member of RICS Client Money Protection Scheme for Surveying Services. Our membership certificate and scheme rules can be found on this web site or here at 3, Bank Court, Weldon Road, Loughborough, LE11 5RF upon request.

The scheme specifies in particular:

  • We must hold client money in a client money account with a bank or building society authorised by the Financial Conduct Authority.
  • We must hold and maintain an appropriate level of professional indemnity insurance.
  • We must provide a copy of our procedures for holding client money to any person who may reasonably require a copy, free of charge.
Detailed rules about the scheme can be viewed by clicking here
 

 

Know Your Customer

UK Government legislation demands that estate agents comply with laws designed to prevent the misuse of funds within the UK or passing through the UK. Specifically, these laws relate to the Proceeds of Crime Act 2002, the Terrorism Act 2006, the Criminal Finances Act 2017 and the Money Laundering Regulations 2017. The sector in which we operate is deemed by the UK Government and National Crime Agency to be at high risk of misuse by money launderers and criminals. As estate agents, we are required to understand and verify the identities of all parties to transactions and to retain evidence that we have completed our KYC (Know Your Customer) checks.

If we become suspicious at any stage in a transaction, we are required to report this to the National Crime Agency. It is crucial that we carry out our responsibilities in the fight against organised crime and terrorist financing. KYC checks underpin our corporate responsibilities and reduce the risk of prosecutions against ourselves and our clients.

  • We will ask all individuals to provide evidence of their identity and primary residential address. Corporate entities, not-for-profit organisations and trusts will be asked to confirm their ownership structure to allow us to identify the ultimate beneficial owner(s) and/or those with significant control. Furthermore, where you are purchasing a property from one of our clients, we are required to establish the source of funds being used to complete the transaction.

The information that you provide will be used for the sole purpose of completing our KYC checks in order to meet our legal obligations and will be held confidentially and not shared unless there is a legal requirement for us to do so.

We may have to ask for additional information throughout the KYC process to enable us to fully meet our legal obligations.