Information for Landlords
All safeagent accredited firms are part of a Client Money Protection (CMP) Scheme which offers recompense to tenants and landlords of rent, unprotected deposits or other client funds in the event that monies have been misappropriated or fraudulently used by a safeagent firm.
From 1 April 2019 all lettings and management firms handling clients’ money are required to be part of a Government approved Client Money Protection (CMP) Scheme in order to continue to trade. safeagent operates a Government approved CMP scheme.
What is the safeagent Client Money Protection (CMP) Scheme?
safeagent CMP scheme offers recompense to tenants and landlords of rent, unprotected deposits or other client funds in the event that monies are misappropriated or fraudulently used by a safeagent firm.
How can I make a claim for missing money from safeagent CMP Scheme?
In the first instance contact safeagent on T:01242 581712 or email firstname.lastname@example.org to check if your agent is part of safeagent.
If the agent is safeagent accredited we will carry out an initial investigation and get back in touch with you within 48 hours of your enquiry. safeagent will need to ascertain whether theft has occurred and therefore criminal activity has taken place before advising you to make a claim.
Where you are in dispute with an agent over the return of monies which they hold and they are still trading, we would not accept a claim under safeagent CMP Scheme.
Are there limits to what can be claimed?
No there are no limits to what an individual claimant can claim for under safeagent CMP scheme.
What happens when my claim is received by safeagent?
You will receive an acknowledgement of receipt of your claim within 3 working days confirming that your claim is being reviewed and we will respond within 28 days.
How long will it take to settle my claim?
It is difficult to define how long it will take as it depends on whether or not all of the supporting information has been provided to us with the claim form but we will keep you informed of response times each time we contact you.
Are there any claims which are not accepted under safeagent's CMP Scheme?
safeagent’s CMP Scheme will not accept claims in the following circumstances:
- For deposits properly protected by one of the statutory custodial or insurance backed schemes.
- Where there is theft of client monies by an employee of a firm that would be covered by the firm’s Professional Indemnity Insurance which all safeagent agents are required to have in place.
- Where client money is held by any person or third party organisation not connected to the letting agent firm eg money held by contractors, financial institutions or any other business.
- Where the agent is still trading and has refused to hand over funds to a tenant or a landlord for whatever reason. Landlords and tenants will be advised of potential routes to seek recovery ie legal action or through the Small Claims Court process.
- Where investment schemes are entered into by landlords with guaranteed rent payable.
Is there a time limit for making a claim?
Claims must be submitted within 12 months of the case occurring.
What are the client accounting procedures safeagent firms are expected to comply with?
Read the safeagent Accounting standards.
How can I make a complaint about the safeagent CMP Scheme?
If you are not satisfied with the way in which we have dealt with your complaint you can read our Complaints Procedure.