Fortis Block Management Limited
Client Money Handling Procedure
This document sets out the procedures for handling client money to ensure compliance with the RICS Client Money Protection Scheme Rules and any other applicable statutory or professional standards. This is to ensure client monies are protected and set out the steps taken to mitigate the possibility of fraud or misuse.
Definitions
The Client – is any entity for whom Fortis Block Management may hold funds on behalf of where a valid Management Agreement is in place.
Client Money(ies) is defined by RICS as money of any currency that either belongs to a client or is held on behalf of a client and can include rent, deposits, service charges, reserve funds, or fees paid in advance.
Designated Client Account – A bank account jointly in the name of the Client and Fortis Block Management which contains funds solely for the benefit of the Client.
Key Principles
In accordance with RICS regulations, the following principles must be observed:
Client money must be held in a designated client account.
Funds must not be used for personal or business use.
Reconciliations must be conducted regularly.
Client money must be available on demand.
Client Bank Accounts
All client monies are held either with National Westminster Bank (Natwest) via their Client Monies Service or Lloyds Bank in a Designated Commercial Client Account. The relevant bank is advised to each client as part of our management agreement.
Funds may be received in a general client account but will then be allocated to the respective dedicated client account within 3 working days of receipt.
All interest received on monies held in dedicated client accounts are received solely for the benefit of the client and are reconciled monthly.
Receiving Client Money
All client money must be processed within three working days of receipt.
Staff must issue receipts upon receiving money in person.
All forms of payment via bank transfer or cheque are recorded upon receipt.
Receipt of cash is solely at this discretion of the principal of the Company and further accompanying documentation may be requested or the deposit may be refused.
Payment of Client Money
Payments may only be made from client accounts for legitimate business purposes as such as paying contractors, transferring rent to landlords, or refunding deposits.
All payments made from client accounts are made in accordance with the respective management agreement held with the same.
Unallocated Receipts
Incorrectly referenced receipts will be kept in a separate bank account for a period of three years from the date of receipt. Fortis will use all reasonable endeavors to identify the payee of monies during this period. Should they not be identified after three years, Fortis will donate the money to a registered charity but will obtain an indemnity to return the funds should the payee come forward at a later date.
Records & Reconciliations
Complete accounting records are maintained for all client money transactions.
Records will be held for a minimum of seven years.
A full bank reconciliation is undertaken at least once per calendar month, ordinarily in or around the 14st of each month.
Interest on Client Money
Interest earned on client money is solely for the benefit of the client.
Access to client monies
Only employees at Director level have access to client monies and these will only be processed in accordance with our respective contracts.
Client Money Protection Scheme
Fortis Block Management Limited are a member of the RICS Client Monies Protection Scheme.
A valid certificate of membership is displayed in office premises and available on the website.
Reporting and Breaches
Any suspected or actual breach of this procedure or RICS rules must be reported to the Principal immediately.
Serious breaches may be reported to RICS directly.
Review
This policy is reviewed at least once a year.
Last Reviewed
June 2026 by John Stock