Definition of client money

Client money relates to money which is:

• Received by Jones and Jacob Ltd for the sale of clients’ items at auction and held by us pending reconciliation and payment to clients

As part of the Royal Institute of Chartered Surveyors (RICS) professional statement (Client money handling, effective from 1st January 2020), all client money is held in a general client account.

A general clients’ bank account is a Client Bank Account which holds pooled client money belonging to more than one client.

How and where client money is held

Client monies are held separately from Jones & Jacob’s own monies, are easily identifiable and immediately available. Within the general clients’ bank account, each client’s money is recorded in our accounting software.

Client money is held in a general clients account with Barclays Bank.

As payment into the clients account is only by BACS, debit or credit card they arrive in the clients’ account automatically.

Payments to clients are made by BACS under the supervision of the directors by the firms finance manager.

How interest and bank charges are handled

The Client Bank Account is an interest bearing, instant access account and the firm will cover transactional banking and account maintenance charges associated with the operation of such an account. Jones and Jacob Ltd is entitled to retain any interest earned to offset general bank charges and administration costs associated with operating the Client Bank Account as detailed in our terms and conditions.

Reconciliation of accounts

Bank accounts are reconciled on a monthly basis, using a two way reconciliation between the bank, and general client ledger, as required by the RICS.