JP Bedfords Ltd Client Money Procedures

JP Bedfords Ltd operate a dedicated client money bank account in accordance with RICS Professional Statement ‘Client Money Handling: 1st Edition, October 2019, effective 1st January 2020’ and client monies are covered by the RICS Client Money Protection Scheme. As a RICS regulated firm we have exclusive control over the money.

In accordance with the RICS Client Money Protection Scheme rules, our client account procedures are as follows:

All client monies will be held in our dedicated client money account ‘Bedfords Surveyors Ltd – CLT Deposit’ held at Lloyds Bank. All client money standing to the credit of the account is held by JP Bedfords Ltd as nominees and the bank is not entitled to combine the named account with any other account or exercise any right of set off or counterclaim against money held in the client money account.

Access to client money is restricted to authorised persons within JP Bedfords Ltd finance department.

Details of all payments received are checked against the Awaited Payments Report and entered onto the daily, live

Client Account Reconciliation spreadsheet and the client is notified that the payment has been received by JP Bedfords Ltd finance department.

JP Bedfords Ltd finance department will open an electronic Client file for each project and create a unique Payment Summary which will record every transaction relating to the receipt and disbursement of client monies for that project.

When funds are due to be disbursed from the client account, the JP Bedfords Ltd project surveyor will provide JP Bedfords Ltd finance department with a written request for payment, a copy of the relevant invoice, as well as a copy of the client’s agreement for release of payment. All documents are provided in PDF format to JP Bedfords Ltd finance department by JP Bedfords Ltd project surveyor.

The JP Bedfords Ltd Payment Processor will compile an electronic package for each individual instruction from the Client Account, these will comprise of the Payment Summary, payment instructions, copy of the agreement from client, relevant invoice, and bank payment reports.

The JP Bedfords Ltd Payment Authoriser will check the detail of the payment and log on to the Lloyds Corporate bank system with their own unique bank log-in details. The payment will then be authorised and released for payment, using a combination of hand-held pin pad, authenticator card, challenge/response system and individual password.

Once the payment has been authorised and released, a completed bank transaction report will be issued to the JP Bedfords Ltd project surveyor to show that payment has been actioned, and the surveyor will then write to the client to confirm the transaction.

The Client Account Reconciliation is a live system and must always return a zero-control balance. The reconciliation is updated at the beginning of each month with the opening balances of the Client Account and details of payments clearing, and monies received. As each Client Account payment is processed the Client Account Reconciliation is updated.

If we are instructed to hold any client funds on account, we will retain any interest that may accrue on any balance held.