Mandatory CMP: PRS and CMProtect taking 'joined up' approach

The parent company of The Property Redress Scheme (PRS) says its group companies will be taking a more 'joined up' approach ahead of the introduction of mandatory Client Money Protection (CMP) next year.

Hamilton Fraser has confirmed that the PRS will partner with CMProtect to deliver a more effective and convenient solution for its members.

The PRS' 10,000 members will now have access to 'preferential rates' and a simplified membership process for CMProtect.

It was confirmed in May that all property agents in England will be required to be a member of an approved CMP scheme by April 1 2019.

It is estimated that around 20% of property agents are yet to become members of a CMP scheme.

CMProtect was launched by Hamilton Fraser in 2014. As with other CMP schemes, it reimburses consumers in the event that a letting agency becomes insolvent or misappropriates funds.

"The Property Redress Scheme and CMProtect go hand in hand by giving consumers the reassurance that their relationship with their agent, whether financial or service wise is protected," says Eddie Hooker, chief executive of Hamilton Fraser.

"A large proportion of the PRS membership do not have this important protection and subject to obtaining a government licence to operate a scheme we will ensure that all of our letting agent members across our group of companies fully comply with the forthcoming law."