The panel members were Mr Neville Pedersen MARLA (Honoured), FNAEA (Honoured) (member panellist acting as the Chairperson for the Tribunal); Ms Jacqueline Stone FNAEA (member panellist); and Ms Gillian Fleming (lay panellist).
The presenting Case Officer for Propertymark was Mr Ali Haider. Mr Grant Lowes attended the Hearing online via Zoom.
Allegations
The Tribunal considered the allegations set out in the case summary sent to Mr Lowes.
It was alleged that Mr Lowes had acted in contravention of the requirements of the following Propertymark Conduct and Membership Rules.
- Conduct Rule 1.6: Key elements
- 1.6.1 The relevant membership division requires its members to comply with these rules in respect of their Client Accounts to ensure that Clients’ Money is protected. The key basic elements that must apply to Clients’ Money entrusted to a PPD member’s firm are as follows:
- (a) Each transaction must be properly recorded in the PPD member’s firm’s books/ledgers of account (paper, electronic or otherwise) so that it is clearly identifiable to an individual Client.
- (b) Monies must be paid into a specifically designated Client (Bank) account with a recognised bank or building society and thus kept separate from the member’s firm’s own money.
- (c) All transactions must be monitored and reconciled on a regular basis.
- 1.6.1 The relevant membership division requires its members to comply with these rules in respect of their Client Accounts to ensure that Clients’ Money is protected. The key basic elements that must apply to Clients’ Money entrusted to a PPD member’s firm are as follows:
- Conduct Rule 1.12: Interest on Clients’ Money
- Conduct Rule 1.13: Payments into a Client (bank) Account
- Conduct Rule 1.18: Record keeping
- Conduct Rule 1.19: Books of record
- Conduct Rule 1.20: Supporting documentation
- Conduct Rule 1.23: Reconciliation(s) – format and frequency
- Conduct Rule 13: General duty to uphold high standards of ethical and professional behaviour
- Conduct Rule 23: Continuing Professional Development (CPD)
Decisions
Mr Lowes entered a plea accepting the alleged breaches of Rules 1.6.1(b), 1.12, 1.13, 1.18, 1.19, 1.20, 1.23, 13.1.2 and 23.
- Conduct Rule 1.6.1 (b): Admitted
- Conduct Rule 1.12: Admitted
- Conduct Rule 1.13: Admitted
- Conduct Rule 1.18: Admitted
- Conduct Rule 1.19: Admitted
- Conduct Rule 1.20: Admitted
- Conduct Rule 1.23: Admitted
- Conduct Rule 13.1.2: Admitted
- Conduct Rule 23: Admitted
Sanctions
- Conduct Rule 1.6.1 (b), 1.12 and 1.13: £200
- Conduct Rule 1.18, 1.19, 1.20 and 1.23: £100
- Conduct Rule 13.1.2: Caution
- Conduct Rule 23: £50
In addition, the costs of this Hearing of £462 were imposed against Mr Lowes in favour of Propertymark.
Closing Statement
The Tribunal made the following statement:
'The tribunal thanks Mr Lowes for his attendance at today’s hearing and his ready acceptance to admitting the breaches. Correct handling of client money is a core principle of membership of Propertymark, which we believe that Mr Lowes accepts. We are sure that Mr Lowes will take this opportunity to review his terms of business and to ensure that all client monies are paid into the appropriate client account, with associated record-keeping, as well as the reconciliations.'
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