Mandatory Client Money Protection
How can you comply with mandatory Client Money Protection? Below we’ve outlined everything you need to know… From April 1st 2019, all agents managing lettings in England must be registered with a CMP scheme. This scheme must be an approved government CMP scheme. As well as belonging to a CMP scheme, agents must display their CMP certificate in their branch as well as on their website. A copy of the certificate must be issued to anyone who reasonable requires it, free of charge. You must notify clients within 14 days, should your CMP scheme be revoked or you change CMP providers. Clients must also be notified of your CMP scheme’s name and address of which you are a member of. As well as this, you must ensure your level of CMP membership provides sufficient cover to compensate clients for the maximum amount of client money you hold. demo What CMP …
