The Lettings Cloud is a proud member of Client Money Protect, and we recently renewed our membership. These means all of our landlords can be rest assured that their money is protected and that we are compliant with the current legislation. Continue reading to learn more about the government authorised scheme.
What is Client Money Protect?
Client Money Protect is a Government Authorised membership scheme for lettings and property agents in the UK. It allows us to protect landlord and tenants payments such as rent or deposits. It also assures all of our landlords and tenants that we are compliant with the current legislation.
As this scheme is so important, it is a legal requirement for lettings agents to be a member. This is to protect our clients, both landlords and tenants to safeguard the money we hold on our client’s behalf and reassure them that their money is safe.
How Does It Work?
Lettings agents have to become members of Client Money Protect so that it provides full protection of landlords and tenants money. There are no individual claim limits and CMP insures its liability against the payment of any claims.
Any lettings agents that are members of CMP will have the logo displayed on their website and in their office as it is compulsory.
The Legal Requirements
All property agents in England must join a government-approved client money protection scheme, which includes CMP but also features many others. This regulation was put into place under the Housing and Planning Act 2016 in April 2019. Additionally, it is important for all lettings agents to clearly display which client money protection scheme they belong to as this was made legal by The Consumer Rights Act 2015. Failure to comply with both of these regulations can result in large fines.
To find out any more information, please call 01282 922411, email info@thelettingscloud.com or visit the Client Money Protect website.
