What is Client Money Protection (CMP)?
The Government enacted The Client Money Protection Schemes for Property Agents (Requirement to Belong to a Scheme etc.) Regulations 2019 on 4 March 2019. CMP is a safety net designed to protect both landlords and tenants in case of an agent's financial troubles or improper handling of client funds, including instances of loss, theft, or misappropriation.
Client money can encompass various aspects:
- Rent
- Additional client funds held by agents, such as cash reserves for maintenance and repairs.
- Unprotected deposits, which may include those that haven't been registered or don't meet the registration requirements.
- Advance fees collected.
- Money held by agents acting as receivers under the Law of Property Act 1925.
- Sale proceeds.
- Any interest accrued that is rightfully owed to the client.
At My House Online, dedicated to managing properties in Kings Lynn and its environs, we prioritise the highest guarantees to ensure the safety and well-being of our clients. My House Online is Client Money Protected.
