Client Money Protection (CMP) Scheme
Since 1st April 2019, it has been compulsory for property managers who hold client money to be a member of an approved Client Money Protection (CMP) Scheme.
Client money is any money held on behalf of a client in advance of this being due to have the ability to pay for fees, bills, repairs or maintenance work (service charges).
Client money protection schemes protect client money in the event of theft of misappropriation by property managers and ensures that they are compensated. Client money protection also protects a clients' money should a management company experience financial difficulties, for example if it was to go into administration.
Proactive Private Estate Management Ltd confirm that we are members of a CMP Scheme and will comply with this scheme by:
holding client money in separate dedicated bank accounts for each client with an FCA approved bank
having procedures in place to protect, audit and account client money
having Professional Indemnity insurance
providing a copy of our membership certificate to anyone who requests it (free of charge)
A copy of our scheme certificate is available to view below and we are also happy to share our procedures for auditing and accouting client money, with a copy provided to you within the contract.