Under the provisions of the United Kingdom Housing Act 2004 every landlord or letting agent that takes a deposit for an assured shorthold tenancy in England and Wales must join a tenancy deposit scheme
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Client Money Protect (CMP) is a Government-authorised membership scheme for lettings and property agents in the UK to protect the client money such as rents and deposits received by our members. If your agent has CMP membership then you can rest assure that your money is protected and the agent is compliant with the current legislation.
It is a legal requirement for letting agents to join a client money protection scheme for the benefit of their clients, typically landlords and tenants, to safeguard money they hold on their clients’ behalf. In the event that the owners of the business misappropriate any of this money, landlords and tenants can contact us and make a compensation claim against the agent. If a genuine claim is accepted, the we will recompense the landlord and/or tenant and seek recovery from the letting agent or its owners.
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