Agents - FAQs

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FAQs - Legal

The standards that CMP requires of its members are those that surround the handling of client money. It is a requirement of members of CMP that: They hold client monies in a designated segregated client money account at all times that is separate from their own monies They adhere to the Royal Institution of Chartered Surveyors (RICS) client money guidelines They maintain professional indemnity insurance in accordance with the CMP minimum PI requirements They maintain membership of a recognised external redress scheme They agree to adhere to the CMP Terms and Conditions of membership They agree to display the CMP logo in a prominent position within all their lettings branches They agree to provide information to their tenant and landlords clients explaining client money protection and their membership of CMP They agree to allow CMP to display their membership details on the CMP website.

In an ideal world, CMPI would never exist because all letting agents would manage monies held by them in an honest and correct way. However, in the real world circumstances change or businesses make poor decisions. Whilst most letting agents operate their businesses in a professional manner, others have no concept of financial controls or do not even understand the difference between client monies and their own. To ensure that letting agents joining CMP understand these differences, and are looking to operate their business in a professional manner from the outset, there are several financial checks that we undertake before we will accept them as a member and provide the CMPI benefit. Joining CMP is not a ‘form-filling’ exercise. We undertake credit and fraud checking references using reputable credit referencing companies; ask for evidence and use of a segregated client account We also ask for evidence of professional indemnity insurance that conforms to CMP’s requirements and all members must also be members of an independent complaints redress scheme such as The PRS We are therefore confident that only the right type of letting agent will become a member of CMP and our guarantee will only be called into operation for the unexpected situation.