Client money held by Quire Auctions Ltd is safeguarded in accordance with UK trust law principles, anti-money laundering regulations, and recognised auction industry best practice.

Funds belonging to buyers and sellers are held separately from the company’s own operating funds and are used only for the purposes of completing transactions or issuing refunds, in line with our published terms.

1. Purpose

The purpose of this policy is to ensure that all client money is properly safeguarded, clearly identified, and managed in a transparent and responsible manner.

2. Scope

This policy applies to all buyers, sellers, employees, directors, and contractors of Quire Auctions Ltd, and to all auctions and private sales conducted online or otherwise.

3. Definition of Client Money

Client money means money received or held by Quire Auctions Ltd on behalf of buyers or sellers, including buyer deposits, purchase funds, and sale proceeds prior to settlement. Client money does not include commission, buyer’s premium, or VAT once properly due and payable to the company.

4. Client Money Protection (Trust Status)

All client money is held on trust in segregated bank accounts designated as “Client Account”. These accounts are maintained with UK-regulated financial institutions. Client money is kept separate from the company’s own operational funds and is not used to finance business activities. This approach reflects SOFAA guidance on the protection of client money.

5. Receipt of Client Money

Client money is accepted by bank transfer and approved electronic payment methods only. Cash payments are not accepted. All funds received are recorded promptly and accurately.

6. Use of Client Money

Client money may only be used to complete the relevant auction or private sale transaction, settle amounts due under the published auction terms and conditions, or refund clients where appropriate. Client money is not lent, pledged, or used as security.

7. Payments to Sellers

Seller proceeds are paid only after cleared funds have been received from the buyer. Payments are made within the timeframe set out in the seller agreement, less agreed commission, fees, and applicable taxes.

8. Buyer Deposits and Refunds

Buyer deposits are held as client money until completion or cancellation of the transaction. Where a sale does not proceed, deposits are refunded promptly in accordance with the auction terms.

9. Record Keeping and Reconciliation

Client money accounts are reconciled regularly. Proper accounting records are maintained to show amounts received, held, and paid out for each client. Records are retained in accordance with UK legal and tax requirements, consistent with SOFAA expectations.

10. Anti-Money Laundering and HMRC Compliance

Quire Auctions Ltd complies with the UK Anti-Money Laundering Regulations and, where applicable, HMRC supervision requirements. Identity verification and source-of-funds checks may be required before accepting or releasing client money.

11. Insolvency

In the unlikely event of the insolvency of Quire Auctions Ltd, client money held in segregated Client Accounts is intended to be protected from claims by creditors and dealt with in accordance with UK trust and insolvency law.

12. Review and Governance

Responsibility for compliance with this policy rests with senior management. This policy is reviewed regularly to ensure continued alignment with legal requirements and SOFAA guidance.