Client Money Protection for letting and managing agents
Posted on Sunday, 7 April, 2019
From 1 April 2019, all property agents in England holding client money must belong to a government-approved Client Money Protection scheme. NB: Client Money Protection schemes are only permitted to offer a grace period until 1 April 2020 to allow agents to open a client money account to hold client money.
The Housing and Planning Act 2016 enables the Secretary of State to require that letting and property agents in England belong to a government-approved Client Money Protection scheme.
On 4 March 2019 the Government passed The Client Money Protection Schemes for Property Agents (Requirement to Belong to a Scheme etc.) Regulations 2019.
WHAT IS CLIENT MONEY PROTECTION?
Client Money Protection is a compensation scheme which reimburses both the landlord and the tenants if an agent goes bust or misuses client money (loss, theft, misappropriation).
Lakin & Co belong to ARLA PropertMark’s Client Money Protection scheme.
