Client Money Handling Policy

Transparency & Accountability

Ashville recognizes that trust and accountability are core to the service we provide   We commit to providing clients with regular updates and quick responses around any aspect of our services, but specifically with regard to client monies.

The following document provides clarity on the measures we have to protect client monies and the commitments we make to ensure clients’ confidence in us is maintained at all times.

How and Where is Client Money Held?

Client money is held in a discrete client account with HSBC plc named to reflect the fact that the account contains client money, and to confirm the identity of said client.

Access to the bank accounts is restricted to Directors and those Accounting Staff who are required to use the bank as part of their duties.   User Profiles for each user provide the facility to retain auditable records of User activity in the Banking Platform and to allocate the appropriate level of authorization on the Banking Platform based upon the seniority of the user within Ashville Asset Management and the procedures listed below.

What Controls Are in Place with Regards to Payments/Transfers of Client Money?

Invoices – payment against invoices requires the approval of the relevant client contact or suitably authorized Property Manager/Director within Ashville Asset Management Limited, depending upon the specific agreed terms of the Management Agreement in place with each client.  This approval process is documented within an auditable workflow payment system which is encompassed by the Qube Property Management Accounting Software Platform.

Bank Payment/Transfer Authorization – All payments are processed by the Purchase Ledger Clerk and sent for final authorization through the bank to the following individuals:

  • Mike Bull – Director
  • Hannah Bourner – Group Financial Accountant

If neither of these individuals are available to approve a payment in the required timescale the following individuals are authorized to approve payments on the HSBC banking platform.

  • Gareth Edwards – Director
  • Spencer Crowder – Director
  • Kevin Hughes – Director

Payments and transfers are not approved by the same Director that approved the payment of the invoice at the Purchase Ledger stage to ensure multiple Senior Staff approval.

Client & Supplier Bank Details

In the event of any request to amend the bank details of a client or supplier the Purchase Ledger Clerk will secure written confirmation of the new bank account details on the appropriate headed paper and confirm these details over the telephone with the appropriate client contact.

Client Access To Monies

Clients can request an update on monies at any time during working hours and monies can be remitted to a Client Designated account at any time once properly authorized.

Timescales for Payment of Cheques to Client Accounts

Upon receipt of a cheque it will be processed in no more than 7 days or no later than the end of the current month, whichever is earlier.  A record of cheques received will be retained centrally.

Process for Unidentified Funds Received

Where funds are received without any clear indication of to which client they relate to Ashville Asset Management will record:

  • The date of receipt.
  • The amount received.
  • How the amount was paid.
  • The Bank Statement Reference.

The Property Management Accountant will immediately notify the Group Financial Accountant of the above.  The Group Financial Accountant will then investigate the matter and make a decision as follows:

  • A review of all outstanding amounts to which the amount may pertain and plausibly apply and then following up with the relevant parties to seek confirmation accordingly.
  • Writing to any relevant parties at the last known address for further information.
  • Where no meaningful progress is made in identifying the funds we will seek to return the monies through the banking system.

Bank Charges & Interest

All interest accrued upon monies held on a client’s behalf remains in the account where they originated.  Bank charges are borne by Ashville Asset Management Limited as part of their management remit for the client, though we reserve the right to pass on extraordinary costs to clients where it is deemed reasonable to do so.

Bank Reconciliation & Monitoring

Individual Client accounts are reconciled monthly and audited internally by the Group Financial Accountant.

Questions

Should you have any questions about how Ashville manage our clients’ money then please do not hesitate to contact the Director of Operations & Property Management or Group Financial Accountant using the following details:

Mike Bull, Director of Operations & Property Management

Telephone: 07787 766 635
Email: mbull@ashvillegroup.co.uk

Hannah Bourner, Group Financial Accountant

Telephone: 0117 945 0577
Email: hbourner@ashvillegroup.co.uk

Clients and their authorized agents would also be welcome to meet at our offices at the following address:

Ashville Asset Management Limited
Head Office
2nd Floor, Vintry Building
Wine Street, Bristol BS1 2BD

Last reviewed: January 2025