Client Account

  • This is actually a client-bank-account held in trust by agents on behalf of clients.
  • It is the account into which all clients money is placed and ring-fenced and
  • Should not be used to prop up the cash flow of ailing businesses during lean times.
  • In the event an agent goes bust the tenants and landlord client can quickly receive the return of their money from this secure account.
  • This should include any student or tenant’s:
  • When funds clear, money should quickly be forwarded to recipients when due.
  • The balance of a client account should never fall below the total amount owned by, or owed to, all the clients.
  • The agent is in a unique position of trust.
  • To betray this trust by utilising the funds for other than the purpose promised is not merely theft but the more serious deceptive act of fraud.  This is a criminal offence carrying a potential custodial sentence.
  • Ironically such accommodation is rent free, but not recommended!

What are your thoughts?

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