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Client Money Protection
On 4 March 2019 the Government passed The Client Money Protection Schemes for Property Agents (Requirement to Belong to a Scheme etc.)Regulations 2019.
WHAT IS CLIENT MONEY PROTECTION
Client Money Protection is a compensation scheme which reimburses both the landlord and the tenants if an agent goes bust or misuses client money (loss, theft, misappropriation).
Client Money Includes:
- Rent
- Unprotected Deposits
- Money held for Repairs and Maintenance
APPROVED SCHEMES
Government approved Client Money Protection schemes for letting and property management agents in the private rented sector include:
Property Mark
MoneyShield
UKALA Client Money protection
Safe Agent
Client Money Protect
MEMBERSHIP
Spire Vue Lettings holds Client Money protection with Money Shield.
