All letting agents and property managers must be a member of an approved Client Money Protection scheme by 1st April 2021. CMP is an additional layer of protection for money held on behalf of landlords and tenants.
It is vital that landlords make sure their agent is a member of a CMP scheme so they have a route to reimbursement should the agent go out of business or misappropriate client funds.
Your agent or manager should be a member of one of the following approved schemes:
- Client Money Protect
- Money Shield
- Property Mark
- Safeagent (Previously NALS)
- UKALA Money Protection Scheme
Your agent must:
- Hold your money in an account with a bank or building society authorised by the Financial Conduct Authority.
- Be able to provide, free of charge, a certificate confirming their membership of a CMP scheme.
They will also need to display their certificate:
- In any office where they deal with the public.
- On their website.