RICS Client Money Protection Scheme

We hope this letter finds you well. In light of recent developments within the local property management industry, we understand that there may be concerns regarding the security of service charge and reserve funds entrusted to managing agents. We wish to address these concerns and provide you with the reassurance you deserve.

It has come to our attention that one of the larger unregulated managing agents in our area has faced significant issues, with rumours circulating about their abrupt cessation of trading and financial difficulties affecting approximately 160 blocks of flats. We understand that this situation has raised questions about the safety of funds held by property management companies. We want to emphasise that the agent in question is not Rebbeck Brothers, and we remain committed to safeguarding your interests and your funds.

At Rebbeck Brothers, we have proactively chosen to undergo regulation through two recognised organizations: the Royal Institution of Chartered Surveyors (RICS) and the Association of Residential Managing Agents (ARMA). This commitment to formal regulation means that we are held to rigorous standards and are obligated to follow their robust procedures to protect client money. Our last regulatory inspection was conducted in May, ensuring our continued compliance with their stringent guidelines.

Here are some key aspects of our commitment to the security of your funds:

  • Dual Authorization: We have implemented a system where payments and invoices are subject to dual authorization, ensuring that no single individual has unilateral control over financial transactions.
  • Authority Limits: Our computer system is equipped with authority limits to prevent unauthorized access and to maintain strict control over financial operations.
  • Regular Reconciliation: We conduct monthly reconciliations of all our various accounts to detect and address any discrepancies promptly.
  • Compliant Software: Our computer system, MRI Qube, is fully compliant with the requirements set out by RICS, ARMA, and the ICA, further enhancing the security and transparency of our financial processes.
  • Client Money Protection Scheme: As a member of RICS operating a client account system, we contribute to their Client Money Protection Scheme. This scheme provides an additional layer of security in the event of fraud, offering you peace of mind.

We want to reassure you that our commitment to the highest levels of transparency and honesty when handling your funds remains unwavering. The security and welfare of your service charge and reserve funds are of paramount importance to us, and we will continue to uphold the highest industry standards to safeguard your financial interests.

If you have any questions or concerns, please do not hesitate to reach out to our team. We are here to address any queries you may have and provide further clarity as needed.

Thank you for entrusting us with the management of your property. We look forward to continuing to serve you with dedication, integrity, and the utmost professionalism.