Client Money Policy

 

Handling Client Money Policy

Lifestyle Lettings and Management Ltd
Last Updated: March 2026

 

1. Introduction

This policy sets out how Lifestyle Lettings and Management Ltd (“we”, “us”, or “our”) handle and protect client money.

We are committed to ensuring all funds held on behalf of landlords and tenants are managed securely, transparently, and in accordance with current UK legislation and industry standards.

This policy applies to all directors, employees, and representatives involved in the handling of client money.

 

2. What is Client Money?

Client money is any money we receive and hold on behalf of a landlord, tenant, or client in connection with our lettings and property management services. This includes:

  • Rent payments
  • Tenancy deposits
  • Maintenance or float funds
  • Holding deposits
  • Any other funds held on behalf of a client
 

3. Client Money Accounts

All client money is held in a separate, designated client account with a UK bank authorised by the Prudential Regulation Authority (PRA).

We ensure that:

  • All funds are clearly identifiable as client money
  • Client funds are kept entirely separate from company funds
  • The account cannot be used to offset any business liabilities
 

4. Receiving Client Money

  • All client money is paid into the client account promptly upon receipt
  • Bank transfers are credited directly into the client account
  • Any unidentified payments are treated as client money until confirmed
  • Accurate records are maintained for all incoming funds
 

5. Payments and Disbursements

  • Funds held on behalf of landlords and tenants are paid out as soon as reasonably practicable
  • Payments are made in accordance with tenancy agreements and management terms
  • Agreed deductions (such as management fees or contractor costs) are applied in line with contractual terms

Where funds are requested:

  • Requests must be made in writing
  • Payments will only be made to verified bank details
 

6. Bank Details & Fraud Prevention

To protect client funds:

  • Bank details must be verified before any payment is processed
  • Any request to change bank details will require additional verification
  • We do not rely solely on email instructions for payment changes
  • Security checks will be carried out prior to releasing funds

We reserve the right to delay or refuse payments where verification requirements are not satisfied.

 

7. Interest on Client Money

  • Interest generated on client accounts may be retained to cover banking and administrative costs
  • Tenancy deposits are protected in accordance with an approved Tenancy Deposit Scheme (TDS or DPS)
  • Any entitlement to interest on deposits will follow the tenancy agreement
 

8. Reconciliation and Record Keeping

  • Client accounts are regularly reconciled to ensure accuracy
  • Full and accurate records of all transactions are maintained
  • Records are retained in line with legal and regulatory requirements
 

9. Client Money Protection (CMP)

We hold Client Money Protection (CMP), ensuring that client funds are safeguarded.

Details of our CMP cover are available upon request and displayed on our website.

 

10. Professional Indemnity Insurance

We maintain Professional Indemnity Insurance to protect against errors or omissions in the services we provide.

Details are available upon request.

 

11. Responsibility and Oversight

Responsibility for the handling of client money sits with the company’s accounts function and directors.

We are committed to:

  • Acting with integrity
  • Maintaining full transparency
  • Protecting client funds at all times
  • Operating in line with all regulatory requirements