Training & events

Client Money Fundamentals

e-Learning course

An overview of best practice in holding clients’ money and how to avoid common issues – as identified by RICS Regulation – that may affect your business through the safeguarding processes set out in this short eLearning course.

“A Firm shall preserve the security of clients’ money entrusted to its care in the course of its practice or business.”
RICS Rules of Conduct for Firms
Part II Conduct of Business, Part 8

The above rule applies to all RICS regulated firms and is expected of any firm seeking to be registered for regulation by RICS. If you have never handled clients’ money or work for a newly RICS registered firm, it can be challenging to fully understand how to meet RICS requirements. This course will lay out the systems that a firm should have in place to demonstrate best practice in their management of client monies, ensuring that you and your clients are protected.

In a series of short videos and interactive modules, two RICS Professional Assurance Accountants explain what they expect to see in place in an RICS regulated firm, and highlight some of the key measures for you to implement. You will also cover several carefully selected issues that our accountants believe are significant to individuals/firms new to these processes (see Learning outcomes for further details).

If you wish to ensure that you are compliant when RICS Regulation visits, then this course will ensure you protect your firm and your reputation.

Learning Outcomes

By the end of the course you will be able to:

  • Clarify the type of bank accounts available 
  • Identify the way the bank accounts must be set up and what relevant documentation is required from the bank
  • Recognise the acceptable forms of access to the client bank accounts
  • Understand the type of accounting records/packages available
  • Clarify what accounting records need to show

Recall the:

  • Professional indemnity insurance cover requirements 
  • Money laundering requirements
  • Data Protection Act requirements
  • General Insurance mediation act requirements
  • State the Complaints handling procedure
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Course Format

The course is composed of 4 units:

  1. Welcome – a brief introduction to the course content and how to approach the material.
  2. Client bank accounts – covers the different types of bank accounts, account set-up and controls, in alignment with RICS requirements.
  3. Client accounting systems – covers the different variations of client accounting systems, common scenarios – i.e. overdrawn accounts & service charges, and the reconciliation process.
  4. Beware: Common pitfalls – covers a selection of the most commonly reported issues for new firms, including; PII, money laundering, data protection, the General Insurance Mediation act, and complaints handling procedure.

The module is made up of the following content to support delegates learning requirements:

  • Video pieces with two RICS Professional Assurance Accountants
  • Interactive eLearning
  • Links to useful course-related resources, both RICS produced and UK government.

Price excl. VAT

£30.00 for RICS members

£30.00 for non-members

Duration

90 days enrolment