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