Eastwoods – Client Money Protection Scheme
CMP schemes protect client money (such as rent and deposit monies) which is received by agents. Membership of a CMP scheme is a legal requirement from 1st April 2019. Easwoods are a member of the TPO (The property Ombudsman) & Money Shield. Trading Standards will be enforcing this legal obligation.
Eastwoods in partnership with Money Shield a Client Money Protection (CMP) scheme enabling lettings and estate agents to reassure tenants, landlords, buyers and vendors that their money is safe. If your agent has misappropriated your money, contact money Shield to make a claim. Moneyshield will step in to reimburse landlords and tenants should a property agent misappropriate rent, deposit or other client funds.
Thousands of Lettings Agents do not protect their Clients’ Money so make sure your agent has CMP. Money Shield offers the peace of mind that your money is protected if the unthinkable happens. If your rent or maintenance funds go missing due to theft or your agent goes bust, your money will be reimbursed quickly without any hassle.
Applying to have missing money reimbursed is simple with Money Shield. As long as it has been reported to the police you can simply fill out our claim form to get your money reimbursed. However claims seldom happen against Money Shield agents as we continually make checks to ensure your money is being held in a separate client account.
Money Shield will reimburse landlords and tenants who are out of pocket up to £5 million per year with a maximum award of £50,000 per individual claim. Unfortunately, we cannot make payments for any loss arising from war, terrorism, confiscation or nuclear risks.
The Government is taking action to protect landlords and tenants by making CMP mandatory. All agents managing lettings in England will need to belong to an approved CMP scheme by 1 April 2019. Agents in Scotland and Wales are already required to hold CMP.
If you have any questions regarding the client money protection scheme or any other questions regarding all aspects of HMOs please do not hesitate to contact us:
or fill in our form below…