Client Money Protection Scheme
What is a Client Money Protection scheme?
It is a legal requirement for letting agents to join a Client Money Protection Scheme for the benefit of their clients, typically tenants and landlords, in order to safeguard money they hold on their clients’ behalf. In the event that the owners of the business steal or misappropriate any of this money there is a route of redress against the letting agent by contacting the Scheme and claiming against the Scheme. If a genuine claim is accepted by the Scheme, the Scheme will recompense the landlord or tenant and seek recovery from the letting agent or its owners.
A Client Money Protection scheme does not act on behalf of the letting agent. It is an independent membership body that provides the protection of client money whilst held by its members and the Scheme insures its liability for the payment of any claims.
By selecting Crown Sales & Property Management Services Limited as your letting and management agents, landlords do not have to worry about any issues relating to the CMP. With our experience and knowledge in this area, our consultants will carry out every step of the process with the landlord and tenant, fully complying to the legal requirements ensuring the deposit is fully protected and safe-guarded.
How it works?
If your agent misappropriates your money the following process applies:
- Check our Member Directory to see if your agent is a member of CMP.
- The misappropriation must be reported to the police.
- Contact CMP to start the claims process .
- If we find that our member has misappropriated your money then CMP will reimburse any client money found to be owing to you (exclusions may apply – Please see Scheme Rules).