A comprehensive guide to Client Money Protection requirements for estate agents and letting agents.

What is CMP?

Client Money Protection (CMP) is a mandatory requirement for all estate and letting agents in the UK who handle client money. This includes deposits, rent payments, and any other funds held on behalf of clients.

Why is it Important?

Failure to maintain valid CMP coverage can result in fines of up to £5,000 per property. Local councils actively monitor compliance and issue penalties for non-compliance.

Key Requirements

• Valid CMP certificate from an approved provider
• Certificate must be displayed prominently
• Regular renewal before expiry
• Proper record keeping and audit trails