Client Money Policy

1.            Introduction

This policy outlines the key procedures that Advice Centre Group Ltd (“the firm”) follows to handle and safeguard client money in accordance with the requirements set out in Statement of Insolvency Practice 11, the IPA Client Money Regulations and the IPA Client Money Guidance (together “the Requirements”). The firm understands the importance of protecting client money and has implemented measures to ensure that all funds are managed in compliance with the Requirements.

2.            Scope

This policy applies to all employees of Advice Centre Group Ltd who handle client money as part of their role.

3.            Responsibilities

All employees who handle client money are responsible for complying with this policy and ensuring that client funds are handled in accordance with the Requirements.

4.            Segregation of Funds

All client money is held in a separate bank account from the firm’s own funds. This account is used exclusively for client funds, and the firm does not use it for any other purposes.

5.            Record Keeping and Reconciliations

The firm maintains accurate and up-to-date records of all client money transactions. This includes recording the source of the funds, the recipient of the funds, and any fees or charges deducted. The client bank account is reconciled each business day against the balances shown in each Client’s ledger and a record of each reconciliation is retained.

6.            Protection of Client Money

Client money is protected by appropriate insurance.

7.            Withdrawals and Payments

Withdrawals and payments from the client bank account can only be made in accordance with client instructions and with the approval of the Insolvency Practitioner responsible for the account.

8.            Monitoring and Review

The firm monitors its compliance with this policy and reviews it regularly to ensure that it remains up-to-date and to ensure compliance with the Requirements.