Where and how do you keep service charge monies? How are they administered and who receives any interest?
All client funds are held in interest-bearing client accounts administered in accordance with Royal Institution of Chartered Surveyors (RICS) Client Money Protection Scheme. All interest accrues to the leaseholders. All accounts are managed according to the RICS Code of Practice for Residential Managing Agents and are reconciled every 5-6 weeks.