Government have today published guidelines for organisations wishing to apply to become Government approved Client Money Protection (CMP) schemes. Once approved, the chosen schemes will administer CMP for letting agents, to protect the client money they hold.
Isobel Thomson, NALS CEO, said:
“We welcome Government issuing guidance for prospective Client Money Protection Scheme operators which is another part of the process bringing us closer to mandatory client money protection for all lettings and management agents.
“ As a long-standing client money protection scheme operator, we will apply for formal recognition from Government as an approved scheme.
“Agents who are not already part of a regulatory organisation should be considering their client money accounting procedures to ensure they will meet the criteria for accessing a CMP scheme in time for 1 April 2019. NALS will assist any agents who may need support and advice.”