The government says it is still considering applications to operate Client Money Protection schemes from April, despite approving five schemes so far with under three weeks to go.
The government has already backed Client Money Protect, Money Shield, NALS Client Money Protection, Propertymark and UKALA Client Money Protection, and a statement issued by the Ministry of Housing, Communities and Local Government says it is “considering other applications.”
Letting and property management agents in the private rented sector who hold client money are now required by law to belong to a government-approved CMP scheme by April 1.
Agents must also hold client money in a client money account with a bank or building society authorised by the Financial Conduct Authority; must hold and maintain appropriate professional indemnity insurance; have appropriate client money protection handling procedures; obtain a certificate confirming membership of an approved CMP scheme and display this prominently in offices and on their website; and provide a copy of the certificate to any person who may reasonably require it, free of charge.
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