Client Money Protection (CMP) scheme becomes a legal requirement

02/04/2019

Membership of a Government Approved Client Money Protection (CMP) scheme becomes a legal requirement for all agents in England dealing with residential lettings across England from Monday 1 April.

What is Client Money Protection (CMP)?
Client Money Protect is a client money protection membership scheme designed to protect client money held by property agents and professionals. The member’s clients are protected in the event that the member misappropriates the client money held in the course of running their business.

Is client money protection mandatory?
Yes, mandatory Client Money Protection becomes a legal requirement on April 1st 2019. All property agents will be required to be part of an approved Client Money Protection Scheme.

How can you tell if an Agent is a member?
An agent must display a certificate confirming membership of an Approved CMP scheme both in branch and on the website.

Do you provide a hard copy of your Client Money Handling Procedures?
Yes we do. Please call in to our Lettings branch in Fleet to obtain a copy

Is McCarthy Holden a member?
Yes we are. You can view our certificate here.

Where can I find out more about the scheme?
Mccarthy Holden are members of the property mark scheme. More details can be found at http://www.propertymark.co.uk/working-in-the-industry/member-requirements including:

  • Client Money Protection (CMP)
  • Client Account Reporting
  • Professional Indemnity Insurance
  • Independent Redress
  • Money Laundering Regulations
  • TPO Codes of Practice
  • Company Declaration

Who are propertymark?
See http://www.propertymark.co.uk/about-us/


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