Letting agents will be aware that - as part of their Code of Practice - it is compulsory to have client money protection (CMP) in place. With the Code having been in force since January this year, it's important that agents have CMP to ensure that they are regulated.

CMP is not a service we offer, however as part of our commitment to promoting best practice we've put together a few points on this important requirement.

What is it?

In a nutshell, CMP is a special type of insurance that protects the money of landlords and tenants held by agents - such as rental payments and money for repairs and maintenance. Similarly to tenancy deposit regulations, this is designed to give peace of mind to all parties in the event that things go wrong.

How can I get CMP?

There are a variety of organisations with whom CMP can be arranged - this includes a number of industry and professional bodies. Among the organisations offering CMP are:

Council of Letting Agents (CLA)

Money Shield

Propertymark

Royal Institution of Chartered Surveyors (RICS)

Further information on CMPs and the Code of Practice can be found on the mygov.scot website.