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Help Center2023-11-14T16:29:52+00:00

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frequently asked questions

What information will be provided to clients about monies held on their account and the frequency of any reports.2024-06-13T10:06:08+01:00

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 management agreement

Information about reconciliation of accounts and checking of reconciling items2024-06-13T10:05:40+01:00

1. PIML client accounts are reconciled monthly.

2. All reconciliations are reviewed monthly by the Head of Accounts and Signed off by the Principal.

How interest and bank charges are handled2024-06-13T10:05:11+01:00

1. Client accounts’ accrued interest is paid into the relevant client account on a quarterly basis to the benefit of either the client or the service charge.

2. No general bank charges are passed on to the client accounts.

3. Bank charges payable in relation to Foreign Transfer Charges are recovered from the client by agreement

Controls for authorisation of payments from a client account2024-06-13T10:04:43+01:00

1. No payments are issued by cheque.

2. All payments are authorised by senior members of the Accounts Team

3. Only a principal of PIML can authorise new signatories to client money accounts.

4. PIML has effective controls over setting up new supplier accounts.

5. All paymen trequests have supporting evidence which are checked and authorised

RICS procedure to be considered2024-06-13T10:01:29+01:00

Property Initiatives Management Limited’s (PIML) Response

How and Where Client Money is held?2024-06-13T10:03:14+01:00

1. Client money will be held in designated or general Barclays Bank “client” accounts.

2. No client money will be combined with or transferred to any other “Non client” accounts maintained by PIML.

3. Copies of client account bank statements, reconciliations and supporting documents relevant to the transactions in the client accounts will be held for six years.

Access to funds being restricted to principals or senior employees2024-06-13T10:03:45+01:00

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

Timescales for payment of cash and cheques into client account2024-06-13T10:04:16+01:00

1. PIML 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 on to Property Management Accounts System within 3 days of receipt.

5. Where payments are received directly into a client account but cannot be identified or the tenant is on STOP–action will be taken to identify the source and correspondence will be sent to that source/tenant

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