Our procedures for managing client money have been designed in line with the RICS professional statement for Client Money Handling (October 2022 edition)
Bridger Bell Commercial LLP is an RICS registered firm and is a member of the RICS Client Money Protection Scheme.
The Client Money Handling Procedures are published on the Bridger Bell Commercial website and a copy is also available to any person that may reasonably request them.

Definition of Client Money

• Any money that we hold on behalf of our clients as part of our services.
• Excluding amounts which are immediately due and payable on demand.

How and where the money is held

• Client Money is held in designated Client Money Accounts with a bank authorised by the Financial Conduct Authority (the FCA).
• Bridger Bell Commercial’s Banker for Client Money Accounts is Metro Bank.
• All client funds are held in discrete accounts.
• Furthermore, separate bank accounts are held to ensure segregation between client funds (rent, insurance, dilapidations etc) and service charge funds, for each client entity.
• Each Client Money Account includes the name of the client entity e.g. Bridger Bell Commercial LLP Client Example Ltd.
• Each account is interest-bearing.
• Bridger Bell Commercial LLP incurs bank charges in respect of all Client Money Accounts. However, we reserve the right to charge an Administration fee, deductible from interest earned, in order to recover the cost of bank charges.
• All accounts are under the exclusive control of Bridger Bell Commercial LLP.
• Accounting records are kept, recording all transactions in each Client Money Account.

Receipts of client money

• Upon receipt of funds in a Client Bank Account we take prompt action to identify the details of the receipt and record it appropriately in our accounting records.
• If details of the receipt cannot be identified the funds will be returned to the payor.
• If we are unable to identify the payor the funds will be transferred to a designated suspense bank account where they will be held for three years. If the funds remain unidentified and unclaimed after three years the funds will be donated to charity, in accordance with RICS Client Money Handling Rules.
• A detailed reconciliation of all amounts transferred to this account is maintained.

Accounting records and controls

• The Client Money Handling Procedures are published on the Bridger Bell Commercial website and a copy is also available to any person that may reasonably request them.
• All client bank accounts are reconciled monthly, within four weeks of the end of the month.
• Each reconciliation is reviewed and signed off by the Managing Surveyor responsible for the client.
• Unreconciled amounts by age and value are reported to and discussed by the Directors on a monthly basis.
• Client funds are only used for the client to which they relate.
• Transfers between client accounts are not permitted unless tenants have made payment to the wrong bank account (e.g. service charge funds paid in to a rent account).
• All payments from client bank accounts are approved by two senior Bridger Bell Commercial staff members, including at least one Partner after reviewing the relevant supporting documentation including proof of recipient bank details.
• Client funds are transferred to the client in accordance with the timeframes specified in the Management Agreement.
• Segregation of duties exists between employees that can initiate payments from client accounts and those that are able to authorise payments.
• All payments from Client Bank Accounts are made electronically. The accounts do not have the facility to use cheques or withdraw cash.

Compliance

• Any breach of the RICS Client Money Handling rules is investigated and remedied promptly on discovery.
• Bridger Bell Commercial holds professional indemnity insurance appropriate to the income, type of work and amount of Client Money held.