Client Bank Accounts

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Mike Golding
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I have two client accounts. Both were with Bank A. One account for lettings 'Clients No 1) and the second a number (No 2)account for a block management. I decided to Transfer my number 1 account to the bank which holds my personal accounts. all done very quickly some 9 months ago BUT their business accounting service leaves a lot to be desired. I therefore decided to return to original Bank A. However under 'new rules and regs' they insist that one clients account is not sufficient for handling clients monies and that I must have an individual account for each and everyone of my clients and further, each of my clients must write in to confirm that is all ok.

the bank quote FCA rules and regs but can find nothing specific relating to letting agent collecting rents.

If there is anyone out there who currently manages 100 separate bank accounts please get in touch to tell me how you cope - or is it the bank simply interpreting the new regs the wrong way

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10/07/2015 18:11

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