Client Money Protection Scheme

The Protection for Residential Agents scheme has been approved by Government under The Client Money Protection Schemes for Property Agents (Approval and Designation of Schemes) Regulations 2018.

This means that RICS registered firms holding money in the areas covered by the regulations, have met the requirements under The Client Money Protection Scheme for Property Agents Regulations (2018) to belong to an approved scheme.

For valid claims, the customers of scheme members have access to Client Money Protection with the following claims limitations:

• An annual aggregate limit of up to £10,300,000 million, in addition to;
• An annual aggregate limit of £10,000,000 specifically ring-fenced for the activities of a “letting agent” or a “property manager” as defined in the Housing and Planning Act, 2016; and;
• A claims limit of £50,000 per valid claim.

The RICS' CMP scheme is split into two parts:

• General client money protection, covering money held by firms undertaking any surveying activities (Client Money Protection for Surveying Services); and
• Residential agency activity in England protection, covering areas under the Client Money Protection Schemes for Property Agents (Approval and Designation of Schemes) Regulations 2018 (Client Money Protection for Residential Agents).