Client Money Protection (CMP)
What is Client Money Protection?
Client money protection insurance (CMP) is an insurance-backed protection product for Letting and Property Management agents. CMP protects tenants and landlords from misappropriation of client monies by the agent i.e. 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 such as theft of client monies by a Director, Principal or Partner. Previously, the amount you could claim was capped, but now, whether you’re owed £5000 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
If you like it, here’s what to do next:
If you wish to speak to UKALA further regarding membership and what we offer, call our friendly membership team on 03300 55 33 22 and we will talk you through the process of joining.
Alternatively, you can also apply to join UKALA online by following the link below to the application form.