CMP becomes a legal requirement in England
Membership of a Government Approved Client Money Protection (CMP) scheme becomes a legal requirement for all agents in England dealing with residential lettings across England from Monday 1 April.
Agents must display a certificate confirming membership of an Approved CMP scheme both in branch and on the website.
Under the regulations, agents are also required to have their Client Money Handling Procedures on their websites and, at a client’s request, also available in a hard copy format, free of charge.
Client Money Protection (CMP) is a compensation scheme which recompenses landlords and tenants should an agent misappropriate their rent, deposit or other client funds.
The Housing and Planning Act 2016 enabled the Secretary of State to require letting and property agents in England to be a member of a government-approved Client Money Protection scheme.