Client Money Handling Procedures

Issued March 2026

 

General

Lawson & Fox follows the best practice guidelines set out in RICS Client Money Handling (effective 1 January 2020).

These procedures are reviewed regularly and in any event no less than every three years. More detailed procedures are available on request.

What Is Client Money?

Client money relates to money of any currency, whether in the form of cash, cheque or electronic transfer, which is:

• held or received on behalf of another person, including money held by a regulated firm as stakeholder; and
• not immediately due and payable on demand.

Where We Hold Client Money

Client money is held in a general client bank account with Coutts & Co., 440 Strand, London WC2.

This account is operated by Lawson & Fox and holds client money on behalf of more than one client.

How We Hold Client Money

Lawson & Fox ensures that:

• client monies are kept separate from Lawson & Fox’s own monies at all times
• all client money is held in a designated client bank account over which Lawson & Fox has exclusive control
• client monies are identifiable and immediately available
• within a general client bank account, funds belonging to each client are recorded individually
• monies are held with an appropriate UK banking institution authorised by the relevant regulatory body.

Access to Client Funds

• authorised signatories are at Partner level
• new signatories to client money accounts must be approved at Partner level.

Payments Into a Client Account

• Lawson & Fox does not accept cash on behalf of clients
• cheques are logged on the day of receipt and banked within five working days
• cheques are allocated to the appropriate client account.

Payments From a Client Account

• each client’s money is used only in relation to that client
• all payment requests must be supported by appropriate documentation
• invoices must be approved and payee bank details verified before payment
• segregation of duties exists within the client accounting process to prevent unauthorised activity.

Interest and Bank Charges

Client bank accounts are instant access accounts.

• Lawson & Fox may charge clients transactional banking and account maintenance charges associated with the operation of a discrete client bank account
• charges relating to a general client account are borne by Lawson & Fox
• interest earned on a discrete client account remains within that account
• interest earned on a general client account may be retained by Lawson & Fox.

Reconciliation of Client Accounts

Client bank accounts are reconciled on a monthly basis, with segregation of duties in place.

Reconciling items are cleared as soon as possible and no later than three months from the date of transaction.

In the unlikely event that unidentified funds remain unclaimed for more than three years, Lawson & Fox may arrange for those funds to be donated to charity.

General Client Accounts

For general client accounts:

• bank statements
• system-generated bank balances
• individual client ledger balances

are regularly reviewed and signed off.

Client Reporting

Clients are provided with information regarding monies held on their behalf.

Reporting is generally provided monthly, although this may vary depending on arrangements agreed with individual clients.