Paton & Co Group LLP is committed to complying with the RICS Client Money Handling Professional Standard to ensure transparency, accountability, and protection of client funds. Our procedures ensure that client money is properly safeguarded, recorded, and managed in compliance with professional regulations and best practice standards.

How and Where Client Money is Held

Client money is held in general and discrete client accounts that are completely separate from the firm’s operational and business accounts.

The client accounts are maintained at a UK-authorised bank that is regulated by the Financial Conduct Authority (FCA).

The account name includes the term ‘client account’ to distinguish it from other business accounts.

Client money is only used for the purpose for which it was received and is never mixed with the company’s own funds.

Client money accounts are either ‘General’ (clients funds are pooled together) or ‘Discrete’ (the account name quotes the client name and only has funds for that client).

Access to Funds

Access to client money is strictly limited to designated individuals within Paton & Co Group LLP.

Only Senior Associates or Partner of Paton & Co Group LLP may approve or make payments from client accounts.

Authorised personnel are reviewed regularly to ensure only appropriate individuals have access to client funds.

Internal controls are in place to prevent unauthorised access, including password-protected banking systems and dual authentication requirements.

Timescales for Payment of Cash and Cheques into a Client Account

All client money received is deposited into the client account without undue delay and usually within 3 days of receipt.

All cheques are logged on a Cheque Register, which is reviewed monthly.

Controls for Authorization of Payments from a Client Account

Payments from a client account can only be made for legitimate purposes and in accordance with the client’s instructions or contractual obligations.

All payments require authorisation from a Paton & Co Partner.

Payments are reviewed to ensure they align with the relevant client ledger and supporting documentation.

No payments are made that would result in a client account being overdrawn.

How Interest and Bank Charges are Handled

Interest received on general accounts is retained by Paton & Co Group LLP to cover banking charges and administration costs unless separately agreed with the client.

Interest received on discrete client accounts is retained by the client.

Any bank charges incurred on the general and discrete client accounts are paid by Paton & Co.

Reconciliation of Accounts and Checking of Reconciling Items

Client accounts are reconciled at least once every month to ensure accuracy and compliance with regulatory standards.

Reconciliations include a full review of client money held, payments made, and any outstanding balances.

Any discrepancies identified in the reconciliation process are investigated immediately and rectified as required.

We take prompt action to identify any unidentified receipts into client accounts. If funds are unidentified for a period greater than 3 years.

Records of reconciliations are maintained for auditing and regulatory purposes.

A Paton & Co Accounts Partner reviews and signs off reconciliations to ensure compliance.

Information Provided to Clients and Frequency of Reports

Clients can request regular statements detailing the balance of their account and any transactions carried out on their behalf.

Statements include details of all funds received, payments made, interest applied (if applicable), and any deductions.

Clients are notified promptly of any significant transactions that affect their account balance.

Client Money Handling Contact

For further information or concerns regarding client money, please contact:

Mrs Teresa Leith
Paton & Co Group LLP
New Elgin Road
Moray
IV30 6BA

Email: [email protected]
Phone: 01343 862 969

Review

This procedure is reviewed annually to ensure compliance with RICS regulations and best practices. Updated procedures will be published on our website.