Handling of Client Money
1.1 Scheme member, Metrus Ltd ensure:
- That Client Money is held in a Client Money Account with National Westminster Bank PLC (authorised by the Prudential Regulatory Authority (PRA), the Bank of England and the Financial Conduct Authority)
1.2 Scheme member, Metrus Ltd:
- Maintain one or more Client Money Accounts into which all Client Money is paid;
- Client Money Accounts are designated as such and easily distinguished from other accounts of Metrus Ltd;
- All clients of Metrus Ltd are advised that Client Money will be held in a Client Money Account and be notified of the details of that account;
• Confirm in writing with the bank with which it holds a Client Money Account that the bank acknowledges that monies in the Client Money Account must not be combined with, or transferred to, any other account maintained by Metrus Ltd, and the bank shall not be entitled to exercise any right of set up or counterclaim against money in that Client Money Account in respect of any sum owed to it in respect of any other account of Metrus Ltd;
• Keep records and accounts which show all dealings with Client Money, and demonstrate that all Client Money held by the firm is held in a Client Money Account.
1.3 As regards handling Client Money, Scheme member, Metrus Ltd:
- Have and comply with written procedures for handling Client Money, which also comply with any RICS requirement to which Rule 1.4 refers;
• Publish their procedures for handling Client Money on their website; provide a copy of their procedures for handling Client Money to any person who may reasonably require a copy, free of charge;
• Keep records and accounts that show all dealings with Client Money;
• Repay any Client Money, including where feasible any interest earned, without delay if there is no longer any requirement to retain that money or the relevant client requests it; and
• Hold and maintain professional indemnity insurance cover that is appropriate for the Member’s size, income, type of work and the amount of Client Money held.
RICS Client Money Protection Certificate_526
- In addition to the specific provisions set out in Rules 1.1, 1.2 and 1.3, the Scheme Administrator may from time to time issue advice and guidance as to how RICS Registered Firms should best comply with RICS Rules of Conduct which may include guidance to, or prescription of additional required procedures for, RICS Registered Firms which are members of the Scheme relating to key aspects of best practice as to the handling of Client Money.