Testing Client Money Questionnaire - Application

Have you set up separate bank account for client money
Yes No

Please confirm Bank Name and Account Type

Does the title of your client money bank account distinguish it from other accounts of your firm
Yes No
Do you have in writing from your bank confirmation that all money is held by your firm as an agent
Yes No
Do you have the banks written confirmation that the bank is not entitled to combine the client money account(s) with other account or to exercise any right of set-off or counterclaim against money in that accounting respect of any sum owed to it on any other account of the firm
Yes No

PART B - Client Money Transactions

Do you pay all money into a client bank account within 3 business days of receipt
Yes No
Do you ensure money received by automated transfer is received into a client bank account
Yes No
Do you pay mixed remittances into a client bank account
Yes No
Do you remove money for other goods or services owed to your firm as soon as possible and at least once a month
Yes No
Do you treat unidentified transactions as client money until you can identify them
Yes No
Do you repay money to clients when due
Yes No

PART C - Withdrawing Commission & Fees

Do you withdraw commission and fees when they are due and payable - that is when the client's money has been received and has cleared and in line with what you have told customers
Yes No
When you receive fees and commissions in instalments, do you only withdraw due and payable commission or fees on the instalment received
Yes No

PART D - Systems & Controls

Do you have and maintain systems and controls to monitor and manage client money transactions and credit risks arising
Yes No
Do you have written procedures for handling client money
Yes No
Do your systems identify all receipts and payments to the clients to which they relate
Yes No
Have you appointed an appropriately qualified individual to oversee running of client accounts, systems and controls
Yes No
Are all staff involved in client money handling and aware of procedures and responsibilities
Yes No
Are staff competent to perform their role
Yes No
Are these staff monitored in their work
Yes No
Is there adequate cover for holiday and long term absence
Yes No
Are accounting systems, client data securely controlled and protected
Yes No
Are computer systems adequately protected for access, firewalls, back-ups and recovery
Yes No
Do all departments and branches apply the same level of controls in relation to the clients accounting function
Yes No
Can Principle of the firm override controls surrounding the account system
Yes No
Do you keep accounting records, copies, reconciliations for a minimum of 6 years + current year
Yes No

PART E - Keeping Clients Informed

Do your terms of business, client agreements adequately explain that you hold money in client money accounts
Yes No
Do you obtain written consent from your clients if you are retaining interest on money held
Yes No

PART F - About Your Business

Are you registered for VAT
Yes No
Do you act for non-resident landlords and if so are you registered with HMRC Non-Resident scheme
Yes No
Do you hold security deposits on behalf of tenants
Yes No
What is the maximum amount of client money held by you at any one time in the last 12 months

PART G - Client Money Held

What is the percentage split in client money held by you at any one time. (e.g. Rent 50%, Deposits 25%, Other 25%)

Rent % Tenants' Security Deposits % Other e.g service charges, dispute monies, sale proceeds, auction sale proceeds %

PART H - Declaration

Declaration

1. I confirm that I have submitted an application to join UKALA on behalf of the Business.

2. To the best of my knowledge and belief, the information provided in connection with the application, whether in my own hand or not, is true and I have not withheld any material facts. I understand that non-disclosure or misrepresentation of relevant facts may entitle UKALA to cancel my membership in accordance with the UKALA Terms and Conditions.

3. I confirm that you can rely on all the information contained in the application and I have had the opportunity to ask for help and seek independent advice if I did not understand any question.

4. I confirm that the head office and any additional branches named in the application form have the same legal identity and operate a client account(s) with money movements controlled by the head office.

5. I understand UKALA reserves the right to check the financial suitability of the business and those persons named as the Principal, Partners, Directors and or Company Secretary, Persons with Significant Control with credit organisations. UKALA also reserves the right to request accountants’ reports or declarations where necessary to clarify matters arising from our enquiries.

6. I understand that UKALA have appointed Property Redress Scheme to be the provider of independent dispute resolution in England, Wales, Scotland and Northern Ireland. In the event that Property Redress Scheme accept a complaint I agree:

a. to be subject to the jurisdiction of the Property Redress Scheme
b. to fully cooperate with any investigation carried out by Property Redress Scheme
c. to comply with any binding decision (including any remedy) which is made by the Head of Redress and or Property Redress Scheme
d. to pay the case fee to Property Redress Scheme.
e. that Property Redress Scheme may pass on any relevant information relating to the complaint to UKALA

7. I agree that in the event that Property Redress Scheme accept a complaint that UKALA may pass on a copy of this signed application to Property Redress Scheme, upon request by Property Redress Scheme.

8. I understand that in the event that a complaint is received by UKALA, UKALA will pass on details of the complaint to Property Redress Scheme. I understand UKALA may also pass this information on to other third parties, where appropriate. For example, Let Alliance, Hiscox, other trade bodies and tenancy deposit protection schemes.

9. I have read, understood and agree to abide by the UKALA Terms and Conditions of Membership, UKALA Code of Practice, UKALA Accounting Standard.

10. I accept that by signing this declaration that the Business and the Principal, Partners, Directors, Persons with significant control and or Company Secretary are bound by the contractual terms of Membership under the UKALA Terms of Conditions, UKALA Code of Practice and UKALA Accounting Standard

A copy of the UKALA Terms and Conditions of Membership, UKALA Code of Practice and UKALA Accounting Standard be downloaded at: www.ukala.org.uk/agents/resources

Our partner Let Alliance would also like to contact you in regards to the insurance products that they offer if you consent to us passing on your details for that purpose please confirm.

I agree
Yes No

If you and your business are happy to receive information from carefully selected third parties
Yes No

I have read the declaration*
Yes No

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Testing Client Money Questionnaire – Application

Client Money Questionnaire - Application

Declaration