Client money protection made simple
Client Money Protect is the UK’s largest independent government authorised client money protection scheme, protecting the money residential property agents hold, on behalf of their clients.
To make joining easy and to avoid your application being rejected please only apply when you have ALL the following in place:
Client account and bank letter
A separate bank account(s) for handling your clients’ money must be set up with a UK bank or building society, that is authorised by the Financial Conduct Authority and covered by the Financial Services Compensation Scheme.
We have provided templates for you to send to your bank and for them to reply here.
Best practice is to have a separate client account for deposits and another for rents which make it easy to confirm which is deposit money and which is rent money.
Professional indemnity insurance
Your professional indemnity insurance must be appropriate for the size of your business.
If you do not have professional indemnity insurance, you can get a quote below.
Tenancy deposit protection
If you take tenancy deposits you will need to be a member of a government authorised tenancy deposit protection scheme.
mydeposits are one of the government authorised deposit protection providers. For more information or to join mydeposits please see below.
Consumer redress
You will also need to be a member of a government authorised consumer redress scheme. To find out more about the governments authorised redress schemes or to join Property Redress, click below.
Benefits of joining Client Money Protect
Legal requirement
All letting and property agents must have client money protection if they handle client money such as taking rent on behalf of a landlord.
Independent
We are an independent provider who you can join without being a member of a trade body.
Government approved
We are authorised by the Ministry of Housing Communities & Local Government.
How much does Client Money Protect cost?
Members of Client Money Protect are charged an annual membership fee depending on the amount of client money they hold, excluding deposits that are already protected through an authorised tenancy deposit protection scheme.
