All firms that deal with client money must be able to demonstrate to clients and other stakeholders, including their regulator, that their accounting methods are:

  • transparent;
  • efficient; and
  • accurate.

To achieve this, all firms handling client money need effective procedures and controls. This includes:

  • property managers;
  • letting agents;
  • auctioneers; and
  • other firms receiving client money to administer, for example project managers.

Strong processes and procedures help firms to comply with the requirements of the RICS Rules of Conduct to ensure the security of clients’ money entrusted to their care.

This section sets out the main requirements that all firms should consider in order to establish and maintain good accounting procedures and controls, and to prevent problems from arising. It also advises on fraud prevention and what to do if fraud is discovered.

This section is maintained by Nick Weller of NW Learning Limited.

Please note: this section does not cover tax. For tax advice, you should consult a taxation practitioner.

Related RICS standards and guidance