Client Money Protection (CMP) Scheme

Troutbeck Estates Ltd trading as 'Miller Metcalfe' is a member of Propertymark and their Client Money Protection Scheme.

As of April 1st 2019, The Government has made it compulsory that Letting Agents across the country are to protect rental monies through an approved Client Money Protection (CMP) scheme.

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.

CMP Schemes provide compensation to landlords, tenants and other clients should an agent misappropriate their rent, deposit or other client funds.

The legislation states that agents must;

  • Belong to a Government approved CMP scheme.
  • Display a certificate that confirms the agent’s membership to an approved CMP scheme (in-branch and online).
  • Produce a copy of the certificate to anyone who reasonably requires it, free of charge.
  • Notify all clients with the name and address of the scheme to which they become a member.
  • Regulations also state that the agent must ensure the level of CMP membership provides sufficient cover to compensate clients for the maximum amount of client money that they can hold.

If you have any further questions then feel free to contact your local branch!