Client money handling for livestock auctioneers
Client money handling for livestock auctioneers, RICS professional statement, provides mandatory requirements and guidance for RICS firms acting as livestock auctioneers. RICS firms selling any property at auction for a third party must do so as agent, ensuring that purchase money is handled as client money. There is one exception – where the asset sold is exclusively livestock. In this instance, subject to some other conditions being met, the firm may contract to act as principle in the financial transaction. This professional statement outlines the mandatory requirements and best practice guidance for livestock auctioneers in terms of how to deal with client money in both of the above circumstances.