By law, Property Agents are required to join a government authorised consumer redress scheme. The purpose of this is to give consumers of the Property Agent an escalated complaints procedure if they are unhappy with how their complaint has been dealt with by the Agent.
Authorised by the government to protect deposits for tenancies in England and Wales the Deposit Protection Service is the biggest provider of deposit protection in the UK. They’ve been providing a simple, hassle free service for over 10 years, and in that time have looked after more than 5 million deposits, so you can rely on them to keep your deposit safe.
UKALA Client Money Protection is a Client Money Protection Membership Scheme that protects any money held by their members (including Jump-Pad) on behalf of their clients should the member misappropriate it.
To comply with requirements set by UKALA for handling of client money an agent must:
1. Have set up a separate bank account for clients’ money;
2. Have the title of their Clients’ money bank account easily distinguished from other accounts of their business;
3. Have in writing from their bank confirmation that all money is held by the business as an agent;
4. Have the banks written confirmation that the bank is not entitled to combine the clients’ money account(s) with any other account or to exercise right of set-off or counterclaim against money in that accounting respect of any sum owed to it or any other account of the business;
5. Have and maintain systems and controls which enable you to monitor and manage clients’ money transactions and any credit risk arising;
6. Have accounting systems and client data securely controlled and protected;
7. Obtain client’s written approval to make payments from their account;
8. Bank all clients’ money at the earliest reasonable opportunity;
9. Nominate authorised staff to handle money
10. Ensure that records show any and all cash transactions
11. Reconcile client accounts together with bank and cash balances at regular intervals in order to demonstrate control over the accuracy and completeness of accounting records;
12. Ensure there are always sufficient funds in the account to pay all amounts owing to clients; and
13. To pay amounts owing to clients as they fall due without delay.