Client Money Protection Scheme

Gro Residential Management, and parent company Garness Group are members of the Royal Institute of Chartered Surveyors’ (RICS) Client Money Protection scheme (CMP scheme) in the UK.

This scheme provides protection, as a last resort, in instances where an RICS Regulated firm is unable to repay a client's money, up to the limits and exceptions set out in the scheme rules.

Gro Residential Management and Garness Group follow procedures in relation to handling our client’s money in accordance with the RICS Rules for Firms. Membership of The CMP Scheme is designed to minimise the risk of being unable to repay a client’s money to the lowest possible level.

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).

Contact us today on 01482 566057 if you have any questions around the RICS Client Money Protection scheme.

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