Countrywide accused of failing to secure £10m of client fundsMake Text Bigger
Countrywide Residential Lettings Nottingham are due before a RICS Disciplinary Panel Hearing on the 30th October at 10am.
The formal charges are quoted on the RICS website:
“Between 2008 and 2018, the Firm transferred a sum of £10,093,866 of client funds, representing unclaimed and unidentified client balances that had not been claimed for six years or more, from the Firm’s client account into the Firm’s office account, when it was not permitted to do so. In doing so, the Firm failed to preserve the security of client funds”
Contrary to Rule 8 of the Rules of Conduct for Firms 2007: The Firm’s conduct above represented a serious and prolonged disregard towards the Firm’s professional obligations as set out in the RICS’ client money guidance document
Contrary to the third limb of Rule 3 of the Rules of Conduct for Firms 2007 the duty to: avoid any actions or situations that are inconsistent with its professional obligations. The Firm is therefore liable to disciplinary action in accordance with RICS Bye-Law 5.3.2(c)
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