PROTECTING YOUR TENANTS MONEY IF YOU’RE AN AGENT
You must join a ‘client money protection scheme’ if you’re a letting or property management agent in the private rented sector in England and you hold clients’ money.
These schemes make sure landlords and tenants are compensated if you cannot repay their money, for example if you go into administration.
Approved schemes
You can join any of the following approved schemes:
- Client Money Protect
- Money Shield
- Propertymark
- RICS
- Safeagent (previously NALS)
- UKALA Client Money Protection
You must:
- hold your clients’ money in an account with a bank or building society authorised by the Financial Conduct Authority
- get a certificate confirming membership of the scheme you join, and provide it to anyone who asks, free of charge
For more information, please visit: https://www.gov.uk/client-money-protection-scheme-property-agents