Client Account Procedures

Bedfords Surveyors operate a dedicated client money bank account in accordance with RICS Professional Statement ‘Client Money Handling: 1st Edition, October 2019, effective 1st January 2020’ and client funds are covered by the RICS Client Money Protection Scheme. As a RICS regulated firm we have exclusive control over the money.

In accordance with the RICS Client Money Protection Scheme rules, our client account procedures are as follows:

Client funds will be held in our dedicated client money account ‘Bedfords Surveyors Ltd – CLT Deposit’ held at Lloyds Bank. All money standing to the credit of the account is held By Bedfords Surveyors as nominees and the bank is not entitled to combine the named account with any other account or exercise any right of set off or counterclaim against money held in the client account. Access to client funds is restricted to authorised persons within the finance department.

Details of all payments received are checked against the Awaited Payments Report and entered onto the daily, live Client Account Reconciliation spreadsheet and the client is notified that the payment has been received.

Accounts will open an electronic Client file for each project and create a unique Payment Summary which will record every transaction relating to the receipt and disbursement of client monies for that project.

When funds are due to be disbursed from the client account, the project surveyor will provide Accounts with written instructions and a copy of the contractor’s invoice must be sent with the request for payment, as well as a copy of client’s agreement for release. These documents need to be in PDF format.

The payment Processor will compile an electronic package for each individual instruction from the Client Account, these will comprise of the Payment Summary, payment instructions, copy of the agreement from client, Contractor’s invoice, and bank payment reports.

The payment Authoriser will check the detail of the payment and log on to the Lloyds Corporate bank system with their own unique bank log-in details. The payment is then authorised and released for payment, using a combination of hand-held pin pad, authenticator card, challenge/response system and individual password.

Once the payment has been authorised and released, a completed bank transaction report is issued to the project surveyor to show that payment has been actioned and the surveyor will write to the client to confirm the transaction.

The Client Account Reconciliation is a live system and must always return a zero-control balance. The reconciliation is updated at the beginning of each month with the opening balances of the Client Account and details of payments clearing, and monies received. As each Client Account payment is processed the Client Account Reconciliation is updated.

In the event that we are instructed to hold any client funds on account, we will retain any interest that may accrue on any balance held.