Aspects Client Money Inhouse Policy

 

  1. All Client Money is held in separate client accounts with Barclays Bank and protected by FCA.
  2. Letters go out to clients informing them their fund will be held in separate client accounts and earn no interest.
  3. Opening new bank accounts to be signed by both directors.
  4. Only key staff has access to banks receipts and payments. There is also clear segregation of duties and responsibilities. All suppliers payments, wages & receipt transfers are only approved by directors.
  5. We have a secure system for client money protected with firewalls & back-ups.
  6. The system identifies all receipts and payments to the correct bank accounts.
  7. Any overdrawn banks are picked up daily and rectified.
  8. Monthly bank reconciliations are done all client bank accounts. The mother account (clearing account) is done weekly and signed off by one of the directors. Cheques over six months old are cancelled. Old transfers not cleared are investigated and resolved.
  9. Key staff to have separate holidays to each other for cover.
  10. All cheques are banked within 72 hours of receipt.
  11. All new suppliers only the head of accounts and directors can set up the bank accounts.