Decision of the Disciplinary Panel
Date of Decision: 30 October 2019
Case of: Countrywide Residential Lettings
RICS Membership Number: 025807
Location: Devon
The formal charges against Countrywide Residential Lettings are:
1. Between 2008 and 2018, the Firm transferred a sum of £10,093,866 of client funds, representing unclaimed and unidentified client balances that had not been claimed for six years or more, from the Firm's client account into the Firm's office account, when it was not permitted to do so. In doing so, the Firm failed to preserve the security of client funds
Contrary to Rule 8 of the Rules of Conduct for Firms 2007
2. The Firm's conduct at 1 above represented a serious and prolonged disregard towards the Firm's professional obligations as set out in the RICS' client money guidance document ("Clients' money: General advice for firms (v2 w/e from 4 April 2011 )")
Contrary to the third limb of Rule 3 of the Rules of Conduct for Firms 2007
Finding: Proved
Sanction: Reprimand & Fine
The Disciplinary Panel also made an order to costs.