Industry Supplier

 The Letting Partnership

SAVE 75%

Save around 75% by completing The Letting Partnership HealthCheck instead of an Accountant's Report

More info

CONTACT US

If you have a question please call us on 01926 417365

Client Account Reporting

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Members who are a Principal, Partner or Director of a property company that handles client money or entrusts the handling of its client’s money to an unnamed Client Accounting Service Provider (CASP) must have their client account inspected.

Accounts are inspected through supplying an Accountant’s Report completed by a chartered/certified accountant or through The Letting Partnership’s HealthCheck. You do not need to provide an Accountant’s Report if your company is regulated by RICS, the Law Society or the Law Society of Scotland. Instead we accept evidence that your company is regulated by one of those organisations.

What is client money?

Client money is any money held by a company or its CASP which it is not beneficially entitled to. Examples include:

  • Tenants' deposits
  • Rents
  • Service charges
  • Interest (if in an interest-bearing client account)
  • Arbitration fees
  • Fee money taken in advance
  • Clients' money held but due to be paid to contractors
  • Money held by members appointed as a Receiver
  • Sale proceeds
  • Purchase deposits

My Company Handles Client Money

You will need to complete an Accountant’s Report or HealthCheck for each company you are legally responsible for. You will need to provide a report on an annual basis and within six months of your company's financial year end.

More info...

My Company uses a CASP

If you entrust your client money to another company to manage, find out if you need to provide an Accountant's Report.

More info...

If your firm handles client money and also uses a CASP see both options as you may have to provide two reports.

FAQs

I am a chartered/certified accountant and a member of one of the required bodies. However I do not have a practicing certificate, can I complete an accountant's report?

No. This is not a requirement of ours but one of your supervisory body. They require you to have a practicing certificate to undertake this kind of work.

I am an accountant and a member of a supervisory body which is not listed under the Financial Reporting Council's Recognised Supervisory Bodies (RSBs), can I complete the report?

No. You must be a member of one of the supervisory bodies listed. More info...

Are there any restrictions on what bank I am allowed to use for my client account?

Client money must be held in a bank or building society which is an authorised institution that has permission to accept deposits under the Financial Services and Markets Act 2000. More info...

What happens if I don't provide an Accountant's Report in time?

Late submission of documentation can be pursued as a disciplinary matter outside of the disciplinary procedures. In these circumstances members may not have an opportunity to explain any reasons for their delay and it will likely result in an automatic fine. Members who persistently fail to provide their documents will have their membership terminated. More info...

Industry Supplier

 The Letting Partnership

SAVE 75%

Save around 75% by completing The Letting Partnership HealthCheck instead of an Accountant's Report

More info

CONTACT US

If you have a question please call us on 01926 417365