HANDLING CLIENT MONEY. All customer monies, whether under a risk transfer agreement with the insurance company or not, are held by us in a Non- Statutory Trust client bank account pending payment. The establishment of the Non-Statutory Trust account follows FCA rules introduced to protect money held by authorised intermediaries. However, you should be aware that, under the Non-Statutory Trust account rules, we are permitted to use such monies temporarily held to advance credit to clients generally. Your acceptance of these Terms of Business will constitute your informed consent to our holding your money in a Non-Statutory Trust account. Interest earned on monies held in such a Non- Statutory Trust account will be retained by us. We may pass the money you pay us to another intermediary. We will only do this where it is a necessary part of the process of arranging cover for you. Where this includes intermediaries outside the UK, the legal and regulatory regime may be different from that of the UK. In the event of the intermediary failing, money may be treated differently than if it was held by an intermediary in the UK. You may notify us if you do not wish your money to be passed to a person in a particular jurisdiction. We maintain Professional Indemnity insurance as required by the FCA Unless otherwise agreed between us, in writing, no term of this Agreement is enforceable under the Contract (Rights of Third Parties) Xxx 0000. All activities undertaken by us as outlined in this Agreement are provided by us for your exclusive use and all data, recommendations, proposals, reports and other services are for your sole use. You agree not to permit access by any third party to this information without our express written permission.
HANDLING CLIENT MONEY. 2.12.1 Front Row Lettings handles its clients’ money in accordance with Front Row Lettings client money handling procedure. A copy of the procedure can be provided upon request.
2.12.2 Front Row Lettings are a member of SafeAgent and adhere to all codes of practice. A copy of our membership can be supplied upon request.
2.12.3 Front Row Lettings has client money insurance to protect its client’s money. Details of the insurance can be provided upon request.
HANDLING CLIENT MONEY. 8.1. The Manager will open and retain a designated client bank account(s) in the Client’s name for the receipt of all money due to the Client and the payment of expenses relating to the Property. All such monies shall be held in trust and in accordance with statutory and RICS regulations and guidance and for the benefit of the Client. An additional designated bank account will also be opened for the holding of any reserve fund monies. Any interest received on this money will be for the sole benefit of the Client.
8.2. In addition to the deductions authorised in clause 7.7 above, the Client authorises the Manager to make payments in the ordinary course of providing the Services and in accordance with the terms of the Agreement from the designated client bank account(s) held for the Property including and without limitation the setting up of direct debits and standing orders.
8.3. In relation to these other payments referred to in clause 8.2 above which are not authorised payments then save in the case of an emergency (as determined by the Manager and in relation to which there is no cost limit provided that cost has been reasonable incurred in all the circumstances), the Client initially authorises the Manager to make payments up to the value of £5,000 without their consent.
HANDLING CLIENT MONEY. We act as agents of the insurer in collecting premiums & handling refunds due to clients as well as the transfer of claim monies. Such monies are deemed to be held by the insurer(s) with which your insurance is arranged. For the purpose of some transactions, client money may pass through other authorised intermediaries before being paid to the insurer. How we are paid: We normally receive commission from the insurer (a percentage of the premium). We may also receive additional payments based on the profitability and growth of a given insurer’s account as a whole, or where we are undertaking activities normally performed by them (e.g. underwriting, policy issuance and claims management). You are entitled, at any time, to request information regarding the commission we receive. Commission and fees are earned for the policy period and as such we reserve the right to retain all such fees and commission in full even if the insurance contract is amended, terminated, voided or cancelled for any reason (unless a consumer policy cancelled within 14 day cancellation period). A fee may also be taken in addition to commission when taking out or renewing a policy. These fees will always be disclosed to you in advance. Outlined below are the standard administration charges (insurers may also have charges, please refer to policy documentation). If we have arranged facilities for paying by instalments with Premium Credit Ltd we may receive remuneration through an introducer’s fee. The way in which we are remunerated will not at any time conflict with our responsibilities to meet your needs and to treat you fairly. We do not charge any additional fees (payable by you) for handling your insurance or arranging premium finance unless we have agreed these with you in advance. Any fees we do charge are set out below:
