Glenny LLP

How and Where Client Money is held

1. Client money will be held in a designated Barclays Bank Plc general “client account”
2. All deposit monies will be held with Barclays Bank Plc within their Virtual Accounts Management Aggregation accounts. Each deposit is held separately and are allocated their own account number.
3. No client money will be combined with or transferred to any “non-client” accounts maintained by Glenny LLP
4. Copies of client account bank statements, reconciliations and supporting documents relevant to the transactions in the client accounts will be held for seven years
5. Residential Deposits are held under the Tenant Deposit Scheme (TDS)

Access to funds being restricted to principals or senior employees

1. Access to funds is restricted to Principals and senior employees

Timescales for payment of cash and cheques into client account

1. Glenny does not accept cash payments
2. Cheque receipts are logged, identified to the correct tenant and banked on the day of receipt
3. Unidentified cheques are returned to the issuing bank
4. Payments are processed into Property Management Accounts System Qube/MRI within 3 days of receipt
5. Where payments are received directly into a client account but cannot be identified, the source and correspondence will be sent to the source/tenant from the payee, the payee will be contacted with appropriate correspondence to clarify payments but in the interim, these will be placed into a suspense account until they can be allocated correctly

Controls for authorisation of payments from a client account

1. All payments are authorised by a three-factor authentication process overseen by a Principal and senior member of the Glenny LLP Asset & Property Management Accounts Team
2. Only a Principal of Glenny LLP can authorise new signatories to client money account
3. Glenny LLP has effective controls over setting up new supplier accounts
4. All payment requests have supporting evidence which is checked and authorised and logged

How interest and bank charges are handled

1. Interest is calculated on a quarterlys compound basis and allocated against deposits held. Bank charges where applicable, are recovered from the client by agreement

Information about reconciliation of accounts and checking of reconciling items

1. Glenny LLP client accounts are reconciled daily
2. Client money virtual accounts are reconciled monthly
3. All reconciliations are reviewed monthly by the Head of Asset & Property Management Accounts and Equity Partner in charge of the Division.

What information will be provided to clients about monies held on their account and the frequency of any reports

1. Information provided to individual clients regarding monies held on their account and the frequency and contents of any reports is agreed between the parties at the commencement of the contract.

Review of Policy/Procedure – February 2025 (or sooner as appropriate/necessary)