Rules - Handling Client Money 2024/25

(Including Receiving CASH Rental Payments from Tenants)
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Savoy Groups Ltd has separate client bank accounts solely for the use of client money, in relation to residential lettings.
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Savoy Groups Ltd only hold client money in UK banking institutions authorised by the Financial Conduct Authority, that are covered by the financial services compensation scheme and ensure that funds are available within a maximum of 31 days.
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Savoy Groups Ltd has the title of our “client money bank account” easily distinguished from all our other accounts with the words ‘client account’ clearly stated in its name.
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We hold written confirmation from Barclays Bank that all client money is held by your firm as a trustee and that the bank is not entitled to combine the client money account(s) with any other account, or to exercise any right of set-off or counterclaim against money in that account, in respect of any sum owed to it on any other account by the firm.
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Savoy Groups Ltd maintain relevant systems and controls which allow us to monitor and manage Client Money transactions (Rentman Software) and any we have systems in place that mitigate any credit risk arising, including but not limited to regular internal account audits.
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Savoy Groups Ltd accounting systems and client data are securely controlled and protected to the best of their ability, and rely on Cloud Storage from One Drive, Barclays Bank and the “Rentman Software Ltd” – all Laptops and Computers and Software are Password Protected.
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Savoy Groups Ltd have our clients’ written approval to make payments from their accounts and seek authority on all payments processed outside of any written consents.
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Savoy Groups Ltd pays all client money into the firm’s designated Client Money bank account within three business days of the money being received.
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Only Nominate authorised staff handle Client Money and adhere to strict protocol in doing so.

Savoy Group Ltd hold detailed records showing all dealings with Client Money.
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Savoy Group Ltd makes sure that all procedures for handling Client Money are complied with and clearly written down and provided to your clients, free of charge – fully available upon request.
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Savoy Groups Ltd reconcile our Client Accounts together with bank and cash balances at regular intervals, to demonstrate control over the accuracy and completeness of accounting records.
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Savoy Groups Ltd make sure there are sufficient funds in the Client Account to pay amounts owing to our Clients as they fall due under the members’ terms and conditions of engagement with our clients.
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Savoy Groups Ltd undertakes to repay any Client Money without delay, including where feasible, any interest earned, where there is no longer any reason to hold that money, or the client requests it.
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Savoy Groups Ltd – transfers and/or insures all Tenancy Deposits via TDS (Tenancy Deposit Scheme) – Tenancy Deposits do not belong to our clients rather the Tenants. Any monies due to the Client as a result of a Tribunals will only be released to our client with the explicit permission of the TDS.

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Savoy Groups Ltd - Discourage cash Rental payments by tenants - however where unavoidable, Savoy Group Ltd undertake to bank the CASH into their client account and transfer the monies electronically with 3 Working Days of receipt of payment.

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Savoy Groups Ltd - Will endeavour to deposit the CASH RENT Payments straight into the Clients allocated account according the the Tenants registered AST where possible.

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Savoy Groups Ltd - Undertake to issue the Tenant with a CASH RECIPT - this will be signed for By the Companies Nominated authorised staff CASH handler on duty, who will received the money for safe Banking.

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Savoy Groups Ltd - Will undertake to hand a hard copy of the CASH RECIPT for electronic filing to the Office Manager and one hard copy to the Tenant for their own records and safe keeping.