RICS Client Money Protection
RICS’ rules state that firms regulated by RICS shall preserve the security of clients’ money entrusted to it.
This means that a firm regulated by RICS, like Watsons, will ensure that:
- Any client money is protected;
- Any money entrusted to Watsons is held in a special client account, separate from the firm’s own money;
- The client account is a bank or building society account that has the word ‘client’ in its title and contains only money that belongs to clients of Watsons;
- The details of the client account in which money is held is always confirmed to clients directly.
- Client money can only be used for those purposes that have been agreed with Watsons.
- RICS also funds a Clients’ Money Protection Scheme. This is a free service provided to clients of firms that are regulated by RICS.
Watsons is regulated by RICS, and this means we are fully responsible for ensuring we meet all requirements of RICS Rules of Conduct and thereby protecting our clients. As such, our clients’ money is ring-fenced from any funds belonging to Watsons and will always be available for repayment to clients, including tenants for whom the firm holds deposits.
Your Questions Answered
Q – How do I know my money is protected by the Clients’ Money Protection Scheme?
A – Any money entrusted to a firm that is regulated by RICS will be covered by the scheme.
Q – If I have questions about the regulation process, who do I contact?
A – As a client of Watsons, if you have any questions about regulation you can call the Regulation Helpline on 0207 695 1670.
Q – How much does the scheme cover?
A – Each claim is limited to a maximum of £50,000 subject to an overall aggregate limit for the scheme of £5,300,000 for any one calendar year.
For further information, please call our Block & Estate Management Team on 01603 226500 or email: firstname.lastname@example.org