Target Property Services NE
07885912193
info@tpsne.co.uk
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Target Property Services NE
07885912193
info@tpsne.co.uk

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Protecting clients’ money if you are a property agent

20th August 2020

Protecting clients’ money if you are a property 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. This is different to tenancy deposit protection.

You may be fined up to £30,000 if you do not join a client money protection scheme.

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

You will need to display the certificate:

  • in any office where you deal with the public
  • on your website

You may be fined up to £5,000 if you do not display a certificate of membership or provide it when asked.

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Joe and Keileigh have been very professional and with excellent communications throughout. They listened and acted to suggestions as well as providing advice and support. The unique difference to other agents is they were always available, working well beyond office hours as they really put their heart and soul into their business. Definitely recommend to anyone looking to sell their home.

- Richard

The 5 stars say it, Joe and Keileigh were brilliant from the initial phone call to handing over the keys. Nothing was a bother even opening the property on an evening (I work long hours). Everything is as it should be and I wouldn't hesitate to recommend Target property NE whether you're buying or selling. Great team, Thank you.

- Mick

After trying to sell my dad's property unsuccessfully with other agents I approached Target properties who right from the start did a very professional job. They sold it with no problems along the way. I would recommend them to anyone wanting to sell. Thank you both for everything

- Janice

Joe and Kayleigh were brilliant throughout the sale and buying of our new property. Always at the end of a phone, would highly recommend this very personal touch agency.

- Keith

Just wanted to thank Joe at Target Property for his support in selling my fathers property. Joe went over and above his position to ensure I had all the support I needed during a stressful time and also made the journey very smooth. Nothing was ever an issue for Joe. I would highly recommend Target Property if you are looking to sell a property or purchase a property. Rest assured you will be in good hands. Thank you very much for all your help

- Linzi

Thank you Target Properties for taking us through the process of our property sale. Joe and Keileigh you have been a fantastic team providing us with excellent service throughout, with regular updates, and a friendly professional approach. Always at the end of the phone if we needed you.
We wold definitely recommend your services to anyone looking for a knowledgeable and local professional service

- Kathleen