Deadline for CMP fast approaching!
Agents! (and, well, landlords too!) The deadline is fast approaching for your Letting Agent to sign up for Client Money Protection!
Every letting agent MUST be a member of Client Money Protect, or CMP.
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.
From the 1st of April 2019, it was announced that this would be coming into force that all property agents carrying out work in relation to housing in England will be required to be a member of a Client Money Protection – CMP – scheme. There are a number of schemes you can choose from, but we at Amplo Lettings have chosen CMP!