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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 has provided a 5 star service. My mum’s rental property has stood vacant for some time as she has had an extended stay in hospital. He met me at the property within days of making contact, and found us a tenant within 3 days! He even treated the weeds, fixed a broken window and sorted out the safety checks for me. It took all of the pressure off and was a very friendly and professional service. I would highly recommend!

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