Client Money Protection compulsory from April 2019

by Property 118

3 months ago

Client Money Protection compulsory from April 2019

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Client Money Protection compulsory from April 2019

The good news is the government have finally announced that it will be a requirement for all property agents to belong to an approved Client Money Protection (CMP) scheme as of the 1st April 2019.

CMP is an insurance product that protects the rental money tenants pay their letting agents to pass onto their landlords and safeguards this if an agent attempts to use client funds fraudulently.

David Cox, Chief Executive, ARLA Propertymark reported on this saying: “After a long fight, ARLA Propertymark’s campaign for mandatory CMP is finally won.

With the help of Baroness Hayter of Kentish Town, and cross-party consensus in the House of Lords, this is a vital step forward in improving consumer protection in the rental sector; probably more so than the myriad of other laws passed over the last two decades. We look forward to working with the Government to guarantee that the level playing field we’ve fought so hard to create becomes a reality on the 1st April next year.”



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