What is Client Money Protection? 22 Feb 2019
From 1st April 2019 all letting agents will be obligated to be a member of a client money protection scheme, but what is it?
“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” Hamilton Fraser Insurance Brokers
There are a number of ways an agent can obtain protection that includes through some industry bodies such as ARLA, NALS and RICS, or by becoming a member of a government approved scheme.
We took the decision to become members of CMP (Client Money Protect), the first to receive Government approval to operate a scheme.