ACORN RURAL PROPERTY (CONSULTANTS) LLP CLIENT MONEY HANDLING PROCEDURE

Acorn Rural Property Consultants
Acorn Rural Property Consultants is the trading name of Acorn Rural Property (Consultants) LLP and the contractual relationship we have is between you as the client and Acorn Rural Property (Consultants) LLP, which is referred to below as “the firm” or “we”, “us” or “our” which, where appropriate, includes our successor and predecessor firms and our members, employees and consultants.

Regulated by RICS
Acorn Rural Property Consultants is regulated by The Royal Institution of Chartered Surveyors (RICS) for the provision of surveying services. This means we agree to uphold the RICS Rules of Conduct for Firms and all other applicable mandatory professional practice requirements of RICS, which can be found at https://www.rics.org/uk/. As an RICS regulated firm we have committed to cooperating with RICS in ensuring compliance with its standards. The firm’s nominated RICS Responsible Principal is Mark Sanders, Acorn Rural Property (Consultants) LLP, 1b Oaklands Court, Tiverton Way, Tiverton Business Park, Tiverton, EX16 6TG. Telephone number 01884 212380. E-mail marksanders@acornrpc.co.uk.

RICS Client Money Protection Scheme
All funds that we hold on behalf of our clients is held in trust in a general client money account in accordance with the RICS client money protection scheme. A copy of the scheme rules can be viewed at this link.

Formal verification of identity
In all cases where we hold client funds, we are required to obtain formal verification of identity in accordance with The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Clients should expect to be asked to provide the usual identification documents.

Access to client account funds
Access to client account funds is restricted to principals or senior level employees of the firm only.

Client reporting
Clients may request a copy of their client account statement at any time, together with details of the bank account in which their funds are held. Our client account is in the name of the firm and is currently with Lloyds Bank plc. If we change our bank, we will inform all clients for whom we are holding funds at the time. We will provide clients with an annual statement detailing all the transactions on their client account. That will be provided within a reasonable period of time following our financial year end, which is 31 March.

Accounting and administration arrangements
We use accounting software and spreadsheets to maintain our client account ledgers and to reconcile payments received from and made on behalf of clients. Bank reconciliations are completed by reconciling the cash book or system balance to the client account bank statement and the reconciled cash book balance is then reconciled to the total of the client ledger balances. This is referred to as a “three way” client account reconciliation.

Reconciliations are carried out at minimum on a monthly basis and are reviewed and signed off by a principal or an independent senior staff member. Any reconciling items are actively investigated to ensure they are resolved and cleared as soon as is reasonably possible.

All cheques and cash receipts are banked within three working days of receipt.

Payments on behalf of clients
Payment from the client monies held for a client will only be for the benefit of that client and no other client’s expenditure. All payments are subject to prior authorisation by the client by way of approved invoices or as otherwise evidenced in writing and by the principal or senior level employee.

No cash payments will be made by the firm using clients’ money.

All payments we make from client monies held on behalf of clients must be related to the surveying or property agency services that we are providing to the client.

Advance payment of fees
Advance payment of fees for surveying services are not classed as client funds and do not qualify for the RICS client money protection scheme. Advance payment of fees for property agent services are classed as client funds.

Receipt of unidentified funds
In the event that unidentified funds are paid into our client account, our procedures include checking accounting records to establish if the sums received can be matched to known outstanding debts or expected payments and writing to the last known address of clients and contacts, including any tenants from whom rental payments are collected. If appropriate, we may also engage third party service providers to find clients and contacts and/or attempt to repay the funds through the banking system wherever possible.

Where all the above fail to identify the client to whom the unidentified funds belong then, after a minimum period of three years from receipt, we may pay them to a registered charity. If unidentified client funds are paid to a registered charity, we will remain responsible for ensuring that client money is repaid if the person or persons entitled to the funds is/are subsequently identified but may obtain and rely on an indemnity from the charity for that purpose.

Bank charges and interest
If our bank applies bank charges that relate to a particular client they will be allocated to that client. However, if general banking charges are applied to our client account we will refund those charges to our client account from our own funds.

Our bank does not pay interest on our client account balance.

Financial services compensation scheme (FSCS)
We have been notified by our bank that funds held in our client account are not eligible for the FSCS.