What is Client Money Protect?
Client Money Protect is a Government Authorised membership scheme for lettings and property agents in the UK to protect the client money such as rents and deposits received by our Members’. If your agent has CMP membership then you can rest assure that your money is protected and the agent is compliant with the current legislation.
It is a legal requirement for letting agents to join a Client Money Protection Scheme for the benefit of their clients, typically landlords and tenants, to safeguard money they hold on their clients’ behalf. In the event that the owners of the business misappropriate any of this money the agent’s clients can contacting the Scheme and make a compensation claim against the agent. If a genuine claim is accepted by the Scheme, the Scheme will recompense the landlord and/or tenant and seek recovery from the letting agent or its owners.
How does CMP Work?
CMP is an independent membership body that provides full protection to our Members, with no individual claim limits. CMP insures its liability against the payment of any claims.
You can read the property rules and about our certification body on the following link: https://www.propertymark.co.uk/professional-standards/rules.html#obligations