Client Money Handling Procedures

Client Money Handling Procedures

Greig Cavey Commercial Limited complies with the RICS Rules of Conduct for Members and the Rules of Conduct for Firms. The information below demonstrates compliance with the mandatory requirements in respect of handling client money.


Greig Cavey Commercial Limited employs competent staff, who understand the RICS Rules, to process clients’ money.  Our accounting system and client data are securely controlled and protected.  Clients’ money is held in dedicated ‘Clients’ accounts and the banks are unable to off-set or counterclaim against money in those account for any sum owed to the bank or any other accounts we hold on behalf of the business.

Clients’ Bank Accounts

Our Clients’ money is held in dedicated accounts.

The Greig Cavey Commercial Limited, Clients’ Rent Account and all Clients’ Service Charge Accounts are with the HSBC Bank, York Road, Hartlepool. The Greig Cavey Commercial Limited, Clients’ Bond and Deposit Account is with the Yorkshire Bank, York Road, Hartlepool.

We have the banks’ operating conditions in writing with confirmation that money is held on behalf of our clients and will not be used to set off against any other accounts.

Bank interest and charges are agreed with our clients in our Property Management Agreement.

Clients’ Accounting Systems

We operate a computerised management system which stores details of all landlords, properties, units and tenants. Only registered users can alter any information within the system but all staff members can access the information relevant to their department.

All payments received in cash or by cheque are recorded upon receipt and banked promptly, usually within 2 working days. Bank reconciliations are carried out daily and a principal member of staff reviews the system’s month-end reconciliations.

Fees paid in advance for professional services are held in our Clients’ Rent Account until the service has been provided. Any unidentified payments are held securely in our Clients’ Rent Account until the clients are located. Any payments that at unidentified for 6 years are donated to a registered charity.

Controls Over Client Money

Appropriate systems, procedures and controls are in place to ensure payments into and withdrawals from a client account are in accordance with instructions agreed with the client. Access to our accounting system and client data is controlled and our computer system is adequately protected by firewalls, back-ups and disaster recovery.

Clients’ money can be clearly linked to each client and is protected on their behalf at all times. Should clients’ money be misappropriated, Greig Cavey Commercial Limited will inform the client, the RICS and where appropriate, the police and our insurers.