Client Money Protection is a mandatory requirement for all property management agents.
From 1st April 2019, it became a mandatory requirement for all letting and property management agents that handle client money in England to be a member of a Client Money Protection (CMP) scheme. If agents of England, Scotland and Wales have not obtained CMP they are liable to be penalised for non-compliance with legislation. UKALA’s CMP scheme is recognised in England, Scotland and Wales (under Rent Smart Wales).
What is Client Money Protection?
At its most basic, the client money protection regulations require anyone engaging in property work to pay to belong to one of the recognised and approved client money protection schemes where they are holding client money.
This is designed to prevent tenants and landlords being left out of pocket where an agent unexpectedly goes into administration or absconds with their money.
What is Client Money?
Client money is any money received from a client (landlord or tenant) in the course of business that is held for another person.
Exclusive Short Stays Estates Limited is a proud member (008510) of UKALA (The UK Association of Letting Agents) which provides Total Loss Client Money Protection which protects any money held by a letting or property management agent. The scheme ensures that that money such as rents and deposits are safeguarded whilst in the custody of their agent and are returned to clients if anything should happen to the agent.
As part of their membership of a recognised scheme, agents must also;
Exclusive Short Stays Estates Limited shall preserve the security of clients’ money entrusted to its care in the course of its practice or business.
Our aim is to ensure that clients’ money can be clearly linked to the clients to whom it belongs and is protected on their behalf at all times and in particular, in the following circumstances:
Should clients’ money be misappropriated, the firm will inform The Property Redress Scheme, Client Money Protect and our insurers.
General controls
At all times we ensure:
Client bank accounts
At all times we ensure:
Client accounting systems and controls
At all times we ensure that:
Controls over the receipt of client money
At all times we ensure that:
Controls over the payment of client money
At all times we ensure that:
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