Agents - FAQs

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FAQs - Joining

Applying for membership of CMP is a simple three stage process. 1. You must complete an application form and submit to CMP together with evidence of your segregated client money account, professional indemnity insurance and membership details of your external redress scheme. 2. Once received, CMP will undertake various credit references on the firm and where applicable the directors and shareholders. 3. If you pass our requirements in Stage One and Two, the firm must then undertake our ‘Client Money questionnaire’ to ensure that the client account is being used correctly and that sufficient funds are held in the account to cover the client money liabilities of the firm.

Memberships will need to be renewed yearly, credit and fraud references undertaken and renewal fee paid for on each anniversary date of membership. What is the law surrounding Client Money Protection Insurance? CMPI is not yet compulsory in the UK for letting agents, it is now widely recognised within the property industry that this type of protection is the very minimum requirement for a well-run and professional agent. However on 27th May 2015 it became mandatory for all letting agents to display their client money protection status whether they hold it or not.

Unfortunately if you already hold CMPI through a Trade Body/ organisation or else where we are unable to accept your membership application to CMP

The cost of membership of CMP starts from £350.00 plus VAT a year. This fee is payable when first applying to join CMP, we do not currently offer payment plans although we are looking at introducing a direct debit offering in the future. The fee covers 12 months of Membership starting from the date all three stages have been successfully completed and membership confirmed in writing.