In the event that Swift Property Lettings Ltd receives surplus client money into our client account, the following best practice procedure is conducted. First, efforts to trace the clients or owners of the money are made, and any surplus money is held within a client account for at least six years. If, after six years, the client or owner of the money has not been found and no true claimant to the money has come forward it may be donated to a registered charity chosen by the Agent.

Swift Property Lettings Ltd and its accounts team ensure that;

• Any employees with client money contact will always have clear segregation of duties and responsibilities
• An appropriately qualified individual oversees the client accounting function
• Swift Property Lettings Ltd employs competent and knowledgeable staff who are responsible for processing clients’ money and are familiar with Client Accounting rules
• Swift Property Lettings Ltd Accounting systems and client data are securely controlled and protected
• Our IT and Computer systems are adequately protected for access, firewalls, back-ups and disaster recovery.
• Swift Property Lettings Ltd provides adequate cover for holiday and long-term absence
• Principals cannot override controls surrounding the accounting system.
• All areas of the business apply the same level of controls in relation to the client accounting function.

Swift Property Lettings Ltd hold clients’ money in one main ring-fenced client account, which is separate from all other monies. Client money is available on demand. The bank account is correctly titled to include the name of the Firm and the word “client” to distinguish the account from an office or any other account. Written consent will be provided where interest has been retained by the Agent.

• Accounting records and systems are appropriate to the nature and volumes of client account transactions.
• Systems provide details of all money received into and paid from the client account and show a running balance of all client money held in that account.
• Systems identify all receipts and payments to the client to which they relate.
• Client ledgers show cash balances held on behalf of clients at all times.
• Accounting records are completed promptly.
• Current balances and period reports are available upon demand.
• All ledgers include the Client name and reference.
• Overdrawn balances on client ledgers are prevented by systems controls.
• Adequate controls are in place over unidentified client money to ensure that such funds are kept securely.
• Where Swift Property Lettings Ltd is paid surplus client funds, the client will be located and reimbursed as soon as possible. Funds held for more than six years will be donated to a registered charity.
• A list of client bank account details will be maintained.
• Weekly reconciliations are performed.
• Further reconciliations are completed at least once every month where clients’ money is held in a general client account.
• Any unresolved differences or adjustments are fully investigated and explained.
• Any errors identified in the reconciliation process are promptly rectified.
• Reconciliations are reviewed and signed off by appropriate senior staff.
• Propertymark rules dictate that an independent auditor signs off on the accounts annually.
• Client accounting records, including copies of reconciliations, are securely kept for at least six years plus the current year.

Swift Property Lettings Ltd ensures that;

• Checks are made to ensure that sufficient funds are held on behalf of the relevant client before payments are made
• Adequate authorisation procedures are in place for payments made by electronic methods.
• All payment requests have supporting evidence and that documentation has been authorised in advance by the director.
• Swift Property Lettings Ltd does not accept any payments by cash or cheque
• Effective controls are in place over the setting up of new supplier accounts on the system.