Procedures for Handling Client Monies
Marriott & Co. (“the firm”): Procedures for Handling Client Monies
The firm is subject to the Rules of the RICS Client Money Protection Scheme for Surveying Services, and an outline of our procedures follows:
Upon receipt, all trust monies are immediately transferred to and maintained in the firm’s Client Account named Marriott & Co. Client Account, (‘the account’) held at Metro Bank plc, Guildford (‘the bank’).
The firm’s arrangement is that the bank does not pay interest on the funds held in exchange for not levying a proportion of the bank charges for handling the banking transactions; the account can therefore have no interest credited to it nor a proportion of the bank charges deducted from it.
The firm has the bank’s written agreement that it, the bank, is not entitled to combine the account with any other account held in Marriott & Co.’s name or to exercise any right to set-off.
The firm keeps separate records and accounts that show all dealings with client money.
The firm makes settlement to the client without delay of any client money held.
The firm holds and maintains professional indemnity insurance cover that is appropriate for the firm’s size, income, type of work and the amount of Client Money held.