Client Money Protection (CMP) Schemes provide compensation to landlords, tenants and other clients should an agent misappropriate their rent, deposit or other client funds.
The legislation includes that an agent must:
- Belong to a Government approved CMP scheme
- Display a certificate which confirms the agent’s membership to an approved CMP scheme (in the branch and on their website)
- Provide this document to whom reasonably requires it
- Notify all clients within 14 days if their CMP membership is revoked, or they change to a different approved CMP scheme
- Provide clients with the name and address of the scheme to which they become a member
- The regulations also state that the agent must ensure the level of CMP membership provides sufficient cover to compensate clients for the maximum amount of client money that they hold.
Please see below a copy of our CMP click the link to download it.
