Client Money Protect (CMP) re-launches

Client Money Protect (CMP) re-launches with new website

With a coalition of industry bodies including ARLA, NALS, UKALA, RICs, Safeagent and the three tenancy deposit schemes including mydeposits lobbying the government to introduce mandatory client money protection for all letting agents Client Money Protect (CMP) has launched its new website.

It is also now a legal requirement for letting agents in England and Wales, to display whether they are a member of a client money protection scheme or NOT with penalties of up to £5,000 for non-compliance enforced by trading standards.

CMP is currently the only client money protection membership scheme in the UK that agents can join without having to become a member of a trade body. It is also the quickest, simplest and cheapest way of protecting client money.

CMP covers landlords’ and tenants’ client money in the event that the agent goes out of business and does not have the client money kept in separate account. This could be a tenant’s deposit (subject to any deposit protection) or a landlord’s rent or repairs fund.

Sean Hooker, Head of Redress at the Property Redress Scheme noted

“I support any initative which increases standards in the industry. The introduction of client money protection is the next logical step after consumer redress. It is important that a scheme is available to the smaller and medium sized agents who do not necessarily have the time or money to join one of the trade associations.

By joining CMP the clients of these agents can have peace of mind that their money is protected if the unthinkable happens and the client money is misappropriated by the owners of the agency”. 

CMP launched in 2013. It is now providing protection to over 650 agents both independently and by providing the client money protection for most UKALA members. The annual membership starts from £350 plus vat (as from 1st October 2018) and the agent can obtain the membership in less 48 business hours. By joining CMP the agent will also benefit from cheaper deposit protection fees from my|deposits and also gain access to a 24/7 legal helpline provided by Arc Legal Assistance in association with Irwin Mitchel Solicitors.

You can visit the new website today at www.clientmoneyprotect.co.uk or contact them on 0333 321 9414 and info@clientmoneyprotect.co.uk.