JYB Limited Client Money Handling Policy

 

1. Introduction

JYB Limited ("the Company") is committed to the highest standards of integrity and transparency in the management of client funds. This policy outlines the procedures we adhere to for safeguarding client money held on behalf of landlords (e.g., rental income) or as deposits for tenants. At least one principal of JYB Limited is suitably qualified in the relevant field.

 

2. Definitions

Client Money: Monetary funds received or held by the Company on behalf of clients for the provision of property management services.

Named Client Account(s): One or more segregated bank accounts held in the name of JYB Limited Client Account, specifically designated for holding client money.

 

3. Account Management

3.1 All client money shall be held in the Named Client Account(s) with Barclays Bank PLC ("the Bank"), a UK banking institution authorized by the Financial Conduct Authority and covered by the Financial Services Compensation Scheme, subject to periodic review by the Company to ensure its continued suitability.

3.2 The Company reserves the right to change the Bank or utilize additional banks at its sole discretion, provided that any such change adheres to the principles of this policy.

3.3 All client money will be deposited into the designated Named Client Account within three business days of receipt by the firm.

3.4 The Company will obtain written confirmation from the Bank that all client money is held by the firm as an agent and that the bank is not entitled to combine the client money account(s) with any other account or to exercise any right of set-off or counterclaim against money in that account in respect of any sum owed to it on any other account by the firm.  

3.5 The Company will ensure that sufficient funds are maintained in the client account(s) to pay amounts owing to clients as they fall due.

 

4. Software and Record Keeping

4.1 The Company utilizes Re-Leased property management software to meticulously track and record all client money transactions, ensuring a comprehensive audit trail and facilitating transparency.

4.2 All relevant records are maintained within the Re-Leased system

 

5. Reconciliation and Reporting

5.1 The Named Client Account(s) shall be reconciled monthly by a designated employee who is independent of the day-to-day handling of client money.

5.2 Any discrepancies identified during reconciliation shall be promptly investigated and reported to the Company's management. The reconciliation process is also designed to promptly detect any potential misappropriation of client money.

5.3 At least two authorized persons are required to process any financial transaction in connection with the client money account(s) which exceeds £2,500.

 

6. Disbursement and Return of Funds

6.1 Landlord funds shall be disbursed in accordance with the terms of their respective management agreements, facilitated through Re-Leased.

6.2 Tenant deposits shall be returned promptly at the end of the tenancy, subject to any deductions as agreed upon in the tenancy agreement and in accordance with applicable law and regulations.

6.3 Client's written approval will be obtained before making payments from their accounts

 

7. Interest

Any interest accrued on client money held in the Named Client Account(s) shall be handled in accordance with the terms of the relevant agreements (e.g., landlord agreements or tenancy agreements).

 

8. Training and Audit

8.1 All employees involved in the handling of client money shall receive appropriate training on this policy, the use of Re-Leased, and relevant legal and regulatory requirements.

8.2 The Company's handling of client money shall be subject to regular internal and external audits to ensure compliance with this policy and applicable laws.

 

9. Data Security

9.1 Data security, including the protection of relevant computer systems, is handled by Re-Leased in accordance with their security protocols and standards

 

10. Policy Review

This policy shall be reviewed annually or as required to reflect changes in legislation, best practices, or the Company's business activities. This policy will also be communicated to all relevant staff annually

 

11. Effective Date

This policy is effective as of August 7, 2024.