Client money protection

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  • Sandi
    replied
    I work for a letting agent in Scotland and CMP insurance and separate client accounts are required by law.

    We got our CMP through a broker called Mint Insurance.

    Our client account is with Royal Bank of Scotland and no more expensive that any other bank account. RBS are one of the few banks that will provide a dedicated client account.

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  • ash72
    replied
    I looked into this a number of years ago as wanted to expand the business for family members, but the costs were too much when you weren't making much profit from it. If this is the case for yourself then I would suggest you get the T to transfer the payments directly to the LL rather than yourself. You would not need to get CMP for your own properties.

    With all the other on going costs, GDPR, Gas, EICR, EPC, Selective Licencing, Maintenance, Insurance, the list goes on and on, just another cost which doesn't really work for small portfolio LL's and their family.

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  • Phyllis
    replied
    Nothing helpful to add unfortunately. Just following your post as in a similar situation. And equally frustrated. When did these new conditions come about? Do you know? Thank you.

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  • Rav3n
    started a topic Client money protection

    Client money protection

    good afternoon,

    Could anyone suggest the easiest (and cheapest preferably) CMP firm Which covers registered agents in Wales? I'm required to get CMP, but it seems to be not suited to my wider business as i rent property as a small part of my larger business and the landlord for the limited number of properties is a family member who is also a partner in our larger business. Seem incredible that i'm required to have CMP, although i guess there is the tenant element, but i would have thought rent smart wales may have mad a exception for family orientated managers and landlords to only get tenant money insurance, but those are the rules i understand. I've looked at the various suggestions on the .gov website, but all seem to want an awful lot of information and are quite quiet about actual costs, only sighting "potential" costs. Some of the firms suggested can't even be bothered to reply or ring back after i made enquiries.

    As a side note, does anyone have much experience with a dedicated bank account for client money? I'm guessing this is going to cost too.

    Thanks in advance

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