Client Money Protection Scheme (England)
The Client Money Protection Schemes for Property Agents (Requirement to Belong to a Scheme etc.) Regulations are due to come 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) from the 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.