Why Join CMP?

 

  • It is a legal requirement to join and display membership of an authorised CMP scheme
  • We are authorised by MHCLG (England), Scottish Executive (Scotland) & Rent Smart (Wales)
  • Easy and straight forward joining process
  • No need to join a trade body
  • The UK’s longest established stand alone client money protection scheme for Letting Agents.

 

Joining CMP

Our joining process is straightforward and can be done online.  To be eligible to join and remain a member of CMP you will need the following:

 

  • A ring-fenced client money bank account from a UK bank that is authorised by the Financial Conduct Authority and Prudential Regulation Authority and is covered by the Financial Services Compensation Scheme
  • Three months' bank statements from your client account(s) showing all client money transactions for deposits and rents (excluding newly formed companies)
  • Appropriate professional indemnity insurance for the size of the firm - Get a quoe from CMP Professional Indemnity here
  • Membership of an external consumer redress scheme such as the Property Redress Scheme or the Property Ombudsman
  • Membership of your tenancy deposit protection scheme including a summary of current live protections
  • To agree to abide by the CMP Scheme Rules including the client money handling conditions

 

Members of CMP will be charged an annual membership depending on the amount of client money they hold excluding deposit monies that are already protected through an authorised custodial or insured- backed tenancy deposit protection scheme.

 

Membership will not commence until the annual fee is paid in full.

 

The current fees are:

 

 

Resources for landlords & tenants

Here are a few essential guides for information on CMP - the full range of resources can be found here.