Client Money Handling Procedure

Lords Cover Ltd is required to publish our client money handling procedures on our website. From time to time these procedures may be updated to stay compliant with UKALA terms and conditions and UK regulations.

Clients' Money

Clients' Money is any money received or held by Lords Cover Ltd that legally belongs to a client. The types of client money we receive:

Tenants' deposits
Rents received on behalf of the client
Service charges received on behalf of the client
Money taken in advance
Clients' Money held but due to be paid to contractors

Clients' Money Bank Accounts

Lords Cover Ltd holds all client money in a separate bank account with Lloyds TSB who are authorised and regulated by the Financial Conduct Authority (FCA) for Clients' Money related to our lettings and management business.

Account details:

Account Name: Lords Cover Client Account

Sort Code: 30-54-66

Account Number: 11048163

All Client money other than cash payments are received directly into the client account (i.e. not via any other account of the business or its subsidiaries).
All Clients' Money received in cash is paid into Lords Cover Client Account within 3 business days of receipt by your firm.
We hold written confirmation from Lloyds TSB bank that all client money is held by our firm as an agent and our account meets the conditions below:

◆ Lloyds TSB is unable to exercise any right of set off or counterclaim against the money in this account in respect of any sum owed to them by Lords Cover Ltd on any other account or any of our subsidiary companies.

◆ Lloyds TSB are not entitled to combine Lords Cover Client Account with any other account(s).

Clients' Money Transactions (Receipts)

Funds which can be paid into the client account are limited to:

Clients' Money (See above).
Any mixed remittances (payments comprising money for rent or deposits and money for some other service or goods), card payments, cheques, or banker's drafts where the total remittance includes client money as well as other money.
Funds being paid by Lords Cover Ltd to correct amounts paid out or withdrawn in error, to restore client money.
A 'float' to cover a future payment on behalf of a client.
Amounts that are necessary to maintain (and open) a client account.

Clients' Money Transactions (Payments)

Individual Clients will not be paid any more than the total of client money held on behalf of that Client.

Funds which will be paid out of the client account are limited to:

Funds payable to a client, or their appropriately authorised representative.
Funds included in mixed remittances (see above), which is not client money will be removed within 3 business days.
Funds being transferred directly to another Client bank account.
Reimbursement of expenses made by Lords Cover Ltd on behalf of the client, where the client has been informed and no objection has been received within a reasonable time.
Funds due to Lords Cover Ltd under written agreement, which are contractually due e.g., fees and charges, which will be withdrawn when due.
Justifiable disbursements such as payment of invoices on behalf of the Client.
Amounts that are necessary to maintain (and open) a client account where no longer needed.

Repayment of client money will be sent electronically and no requests for cash payment will be made. Client money will be electronically transferred (repaid) to clients if there is no longer any requirement to retain that money or the client requests it.

Systems & Controls

Lords Cover Ltd provides this document freely accessible on our website for all clients. If a copy is required in any other format, please email clientservices@lordscover.co.uk.

Lords Cover Ltd follows strict GDPR standards, software security and system controls.

Controls in place:

Appropriately trained staff carry out reconciliations.
All transactions in Lords Cover Client Account have a full audit trail.
Approved employee-controlled access is managed by Lords Cover Ltd and all transactions require senior management authorisation.
Any unidentifiable transactions are treated as Clients' Money until such time Lords Cover Ltd can identify them.
If unidentifiable transactions cannot be identified after six years plus the current year, such fund will be donated to a charity chosen by Lords Cover Ltd.
A clear audit trail of client accounting records are always maintained and stored for a minimum of six years plus the current year.
Lords Cover Client Account transactions are reconciled on a regular basis and not less than once a month.
Lords Cover Ltd keeps track of individual client funds by issuing an identifiable client reference, along with client’s name and property details.
If any short fall in funds is discovered this will be remedied immediately.