Thornley Groves' Client Money Protection (CMP) Scheme
From 1st April 2019, all agents managing lettings in England are required to belong to an approved Client Money Protection (CMP) Scheme.
Client Money Protection (CMP) Schemes provide compensation to landlords, tenants and other clients should an agent misappropriate their rent, deposit or other client funds.
The legislation includes that agents must:
- Belong to a Government approved CMP scheme
- Display a certificate which confirms the agent's membership to an approved CMP scheme (including in-branch and on the firm’s website)
- Produce a copy of the certificate to anyone who reasonably requires it, free of charge
- Notify all clients within 14 days if their CMP membership is revoked, or they change to a different approved CMP scheme
- Provide clients with the name and address of the scheme to which they become a member
- The regulations also state that the agent must ensure the level of CMP membership provides sufficient cover to compensate clients for the maximum amount of client money that they hold.
We already have CMP and so if you require a copy of our certificate please download it using the link below. If you have any further questions then feel free to get in contact or ask in branch!