Client Money Protection
REGULATION GUIDE CLIENT MONEY PROTECTION
EPS is a full member of CMP
Client Money Protection. What does that mean?
It means that should an agent misappropriate your rent, deposit or other funds the scheme will consider a claim to compensate you
Are there any limits to this cover?
NFoPP through their scheme will compensate a landlord or tenant up to a limit of £25k. However, landlords are limited to a maximum of 3 months rent. The total payable in respect of a member company would be £500,000. In any one year the scheme has a limit of £3million.
Can I check that my agent’s claim of belonging to the Client Money Protection Scheme is genuine?
Go to; www.arla.co.uk or www.naea.co.uk and carry out a search under the find an agent section or e-mail email@example.com. uk.
My agent claims he has spent my rent upgrading my property. Is this possible?
This is possible depending on your Terms and Conditions of Business with your agent, but you should be provided with copies of the appropriate receipts by the agent.
Is there a time limit for making a claim?
Yes. claimants must file a claim with the NFoPP within a period of 12 months from the date of notification of the misappropriation occurring.
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