Client Money Protection Scheme (England)
The Client Money Protection Schemes for Property Agents (Requirement to Belong to a Scheme etc.) Regulations came into force on the 01 April 2019. Under these regulations, all letting agents and property managers in England who hold client money (received from a landlord or tenant) are required to be members of a government approved Client Money Protection Scheme (CMP Scheme) since 01 April 2019 or face fines of up to £30,000.
These regulations only affect agents operating in England. Letting agents and property managers in Wales are already required to be a member of a CMP Scheme before they can obtain a license to operate in Wales.