Client Money Policy

 

1.0. Introduction

 

1.1. This document sets out the strict policy followed by Freeman Real Estate Ltd in the handling of client money, ensuring compliance, transparency, and security.

 

2.0. Client Money Account

 

2.1. Freeman Real Estate Ltd maintains a dedicated client bank account exclusively for handling client funds.

 

2.2. Client money is only held in UK banking institutions that are authorised by the Financial Conduct Authority (FCA) and protected under the Financial Services Compensation Scheme (FSCS), ensuring that funds remain accessible within a maximum of 31 days. At present, all client money is held with Virgin Money (Clydesdale Bank PLC).

 

2.3. The client money bank account is clearly designated as a ‘Client Account’ and is distinguishable from all other accounts.

 

2.4. Written confirmation from our banking provider is available upon request, confirming that client funds are held in trust and that the bank has no right to combine the client account with any other accounts, nor to apply set-off or counterclaims against funds in the client account in relation to other liabilities.

 

3.0. Client Money Handling Process

 

3.1. Robust systems and controls are in place to oversee and manage client money transactions, including regular internal audits to assess and mitigate any credit risks.

 

3.2. All accounting systems and client records are securely maintained and protected.

 

3.3. Prior written or verbal authorisation is obtained from clients before making any payments from the client account on their behalf.

 

3.4. Only authorised and nominated personnel are permitted to handle client money.

 

3.5. Comprehensive records are maintained detailing all transactions involving client money.

 

3.6. All procedures for managing client money are documented, regularly reviewed, and made available to clients upon request, either free of charge or via our website.

 

3.7. Client accounts are reconciled at least once a week, ensuring accuracy and completeness of financial records.

 

3.8. Sufficient funds are always maintained in the client account to cover amounts due to clients as per the agreed terms of business.

 

3.9. If client funds are no longer required to be retained, or upon the client’s request, any remaining balance—including any interest accrued where applicable—will be returned without unnecessary delay.