Client money handling
Published October 2019
Effective from 1 January 2020
Reissued October 2022
This professional standard provides clear rules for RICS members and regulated firms to have the appropriate controls and procedures to keep client money safe. It provides confidence to clients and consumers that RICS-regulated firms are operating to high standards. The document applies to all RICS members and regulated firms operating in the UK.
The professional standard provides clear requirements and advice to firms about:
• client account requirements
• appropriate accounting controls
• the information that firms must provide to clients
• how to handle client money including rules for managing any unidentified funds.
RICS members and regulated firms should also refer to the Client Money Protection Scheme Rules (the Scheme Rules) for full details of the coverage of the general scheme for surveying services and the separate scheme for property agents.
Any claims will be assessed under the terms of the relevant scheme and for the avoidance of doubt in the event of any conflict between this professional statement and the Scheme Rules, the Scheme Rules will take precedence.
This document was reissued in October 2022 as a professional standard. It had previously been published in October 2019 as a professional statement. The regulatory requirements remain the same and no material changes have been made to the document.