I have acquired a client who left their old accountant because they lost their bank statements.
I've been lucky enough to have never lost any clients records although I must admit that I have accidently filed items of bookkeeping with the wrong client whilst working on multiple jobs when i'm waiting for missing information. Picked this up when checking the filed records. so all was ok.
What would everybody recommend if you weren to lose a clients records, say the bank statements, should you own up to the client or keep quiet.
You should own up of course and if something that can be replaced like bank statements they you should compensate the client for the cost of requesting copies.
Own up is the only solution. The country would be a better place if everyone owned up to their mistakes instead of passing the book. We are after alll only human.
client records contain a lot of personal information and are an identy thiefs dream espechially records relating to limited companies where a lot of the other information is easy to gain.
Whilst the records themselves (such as bank statements) can be replaced no amount of reassurance could convince me to stay with a financial professional who had lost my records as I expect my books and records to always be kept in the manner that I keep them.
In such instance I would fully expect to lose the client and pay compensation to replace their records with legitimate copies (proper bank statements, not internet printouts) and then just pray that the records that had not been lost had not been lost into the hands of the wrong person.
So yes, honesty but fully expectant of financial loss on my part.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
