Client Money Protection
RCRLA has Client Money Protect (CMP) membership so landlords and tenants can rest assured that their money is protected in compliance with current legislation.
CMP is a Government-authorised membership scheme for lettings and property agents in the UK to protect clients’ money such as rents and deposits received from Tenants.
It is a legal requirement for letting agents to join a client money protection scheme to safeguard money they hold on their clients’ behalf. In the event that the owners of the business misappropriate any of this money, landlords and tenants can contact CMP and make a compensation claim against the agent. If a genuine claim is accepted, CMP will recompense the landlord and/or tenant.
How does CMP work?
CMP is an independent membership body that provides full protection to their members, with no individual claim limits. CMP insures its liability against the payment of any claims.
It is mandatory for all CMP members to display their current CMP certificate in their office and on their website.