Client Money Protection

Client money protection insurance (CMP) is an insurance product for Letting and Property Management agents. CMP protects tenants and landlords from misappropriation of client monies by the agent -. for example, theft of client monies by a Director, Principal or Partner.

UKALA CMP is insured by Hiscox, one of the best names in the industry.

Do Letting and Property Management Agents need CMP?

In April 2019, it became a mandatory requirement for all letting and property management agents that handle client money in England to be a member of a CMP scheme.

In Scotland it became mandatory for letting and property management agents that handle client money to have CMP from January 2018, and in Wales from November 2015.

If agents of England, Scotland and Wales have not obtained CMP, they are liable to be penalised for non-compliance with legislation. UKALA’s CMP scheme is recognised in England, Scotland and Wales (under Rent Smart Wales).

The introduction of UKALA CMP means that, for the first time, tenants and landlords will be able to claim back the entire amount of money that has been lost or misappropriated by an agent. Previously, the amount you could claim was capped.But now, whether you’re owed £5,000 or £50,000, under UKALA’s CMP, you’ll be able to claim ALL your money back.*

*Exclusions apply see Terms and Conditions for details