Version 1.4
May 2026
Next Review Jun 2026
Introduction
Where necessary VX Property Limited (Trading as Property Foundations Group) shall preserve the security of clients’ money entrusted to our care in the course of our practice or business.
Our aim is to ensure that clients’ money can be clearly linked to the clients to whom it belongs and is protected on their behalf at all times and in particular, in the following circumstances:
Insolvency
Misappropriation by any party
Transfer of client money to another organisation
Should clients’ money be misappropriated, staff will inform the senior management team, UKALA and, where appropriate, the police and our insurers.
Procedures
General
We ensure that a senior or appropriately qualified individual oversees the client accounting function.
Our team are competent and knowledgeable staff who are responsible for processing clients’ money.
Property Foundations Group reduces its exposure to the holding of client monies within our Client Money Account by utilising services provided by Oh GoodLord Ltd tenancy management and accounting systems. We utilise the online tenancy application provided by GoodLord to manage and facilitate required checks of tenants, and for rent and deposit collection. Client data is securely controlled and protected and our computer systems are adequately protected in accordance with GDPR.
From 2025 GoodLord has partnered with LettsPay for client accounting, which includes processing rent payments, payments to contractors and payment of management fees to Property Foundations Group.
Handling of Client Money
Property Foundations Group is a member of UKALA.
Members must publish their client money handling procedures on their website, as well as making copies available to customers upon request.
We adhere to these principles:
All Client Money is held in a ringfenced Client Money Account with Metro Bank, an authorised bank.
We operate a Client Money Account into which all Client Money is paid.
We ensure that Client Money Accounts are designated as such and are easily distinguished from any other account.
We have confirmed in writing with the bank holding the Client Money Account that the bank acknowledges that monies in the Client Money Account must not be combined with, or transferred to, any other account maintained by the Firm, and the bank shall not be entitled to exercise any right of set off or counterclaim against the money in that Client Money Account in respect of any sum owed to it in respect of any other account of the firm.
Records and accounts are retained which show all dealings with Client Money and demonstrate that all Client Money held by the Firm is held in a Client Money Account.
We publish our procedures for handling Client Money on our website
We will provide a copy of our procedures for handling Client Money to any person who may reasonably require a copy, free of charge.
Records are retained which provide a history of all dealings with Client Money.
Client Money is repaid without delay if there is no longer any requirement to retain that money.
Client Money is repaid to the client upon request.
VX Property Limited (trading as Property Foundations Group) holds appropriate Professional Indemnity insurance cover.
Surplus Client Funds
In the event that Property Foundations Group receives surplus client money into our client account, the following best practice procedure is conducted. First, efforts to trace the clients or owners of the money are made, and any surplus money is held within a client account for at least six years. If, after six years, the client or owner of the money has not been found and no true claimant to the money has come forward it may be donated to a registered charity chosen Property Foundations Group.
General Controls
Client accounting systems and controls
We will ensure that accounting records and systems are appropriate to the nature and volumes of client account transactions. We use a suitable software package to manage client money effectively (GoodLord and LettsPay).
Ensure our systems provide details of all money received into and paid from the client account and show a running balance of all client money held in that account. Our systems identify all receipts and payments to the client to which they relate.
Ensure accounting records are completed chronologically and promptly, the current balances at the total and client levels are always available. All ledgers have the client name and an appropriate description, e.g. the property address.
If there are overdrawn balances on client ledgers are prevented by the systems or controls in place and where they do occur are investigated and rectified immediately.
Ensure there are adequate controls in place over unidentified client money to ensure that such funds are kept securely. The clients are located and reimbursed as soon as possible. Such funds held for more than six years are donated to a registered charity.
Any reconciliations are reviewed and signed off by an appropriate independent senior member of staff.
Client accounting records, including copies of reconciliations, are securely kept for at least six years plus the current year.
Any employees with client money contact will always have clear segregation of duties and responsibilities.
An appropriately qualified individual oversees the client accounting function.
Property Foundations Group employs competent and knowledgeable staff who are responsible for processing clients’ money and are familiar with Client Accounting rules.
Property Foundations Group Accounting systems and client data are securely controlled and protected, our IT and Computer systems are adequately protected for access, firewalls, back-ups and disaster recovery.
Client Bank Accounts
Property Foundations Group holds clients’ money in one main ring-fenced client account, which is separate from all other monies. Client money is available on demand. The bank account is correctly titled to include the name of the company (VX Property Limited) and the word “client” to distinguish the account from an office or any other account. Written consent will be provided where interest has been retained.
Client Accounting Systems and Controls
We ensure that accounting records and systems are appropriate to the nature and volumes of client account transactions. Property Foundations Group utilizes LettsPay (via our GoodLord integration) as our primary client accounting platform.
This automated ledger system ensures that all funds received into and paid from the client account are tracked with a real-time running balance.
Accounting records and systems are appropriate to the nature and volumes of client account transactions.
Systems provide details of all money received into and paid from all client accounts and show a running balance of all client money held in that account.
Systems identify all receipts and payments to the client to which they relate.
Client ledgers show cash balances held on behalf of clients at all times.
Accounting records are completed promptly.
Current balances and period reports are available upon demand.
All ledgers include the Client name and reference.
Overdrawn balances on client ledgers are prevented by systems controls.
Adequate controls are in place over unidentified client money to ensure that such funds are kept securely.
In the event Property Foundations Group is paid surplus client funds, the client will be located and reimbursed as soon as possible. Funds held for more than six years will be donated to a registered charity.
A list of client bank account details will be maintained.
Daily reconciliations are performed.
Further reconciliations are completed at least once every month where clients’ money is held in a general client account.
Any unresolved differences or adjustments are fully investigated and explained.
Any errors identified in the reconciliation process are promptly rectified.
Reconciliations are reviewed and signed off by appropriate senior staff.
UKALA rules dictate that they review our Client Money Account quarterly.
Client accounting records, including copies of reconciliations, are securely kept for at least six years plus the current year.
Controls over the payment of Client Money
Property Foundations Group ensures that;
Checks are made to ensure that sufficient funds are held on behalf of the relevant client before payments are made.
Adequate authorisation procedures are in place for payments made by electronic methods.
All payment requests have supporting evidence and that documentation has been authorised in advance by a Senior Manager (Company Director, Managing Director or Head of Lettings).
Property Foundations Group does not accept any payments by cash or cheque.
All approved rental disbursements, contractor payouts, and fee transfers are processed electronically through the LettsPay platform , ensuring an automated, fully auditable trail that prevents manual payment errors.
Effective controls are in place over the setting up of new supplier accounts on the system.
UKALA Certified
This is to certify that Property Foundations Group is a member of the UKALA Client Money Protection Scheme.
Version History
Jan 2024 - minor changes to wording and job titles.
Jun 2024 - annual review. No changes.
Jan 2025 - minor review. No changes.
Jul 2025 - annual review. Update and inclusion of reference to LettsPay, which is now part of GoodLords client accounting functions, and now adopted by PFG. Inclusion of Company Director in reference to responsibilities to reflect current staffing structure.
May 2026 – Internal review. Expanded text in General Controls and Payment Controls to further clarify operational workflows and automation safeguards provided by the LettsPay integration.
