Client money handling
This professional statement provides clear rules for RICS-regulated firms and members 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 professional standards. The professional statement applies to all RICS members and RICS-regulated firms operating in the United Kingdom.
The professional statement 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.
Client money held by RICS regulated firms in the United Kingdom is also protected under the RICS Client Money Protection scheme for surveying services and for property agents. 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.