Scottish Legislative Information

Client Money Protection

From April 1st 2019, all letting agents in England will be required to belong to a client money protection scheme. This requirement is already in place for Wales as part of the Rent Smart Wales licensing conditions.

Client money is any money received from a client (landlord or tenant) in the course of business that is intended for someone else. For example, Rent is client money as the money is received in the course of business and held on behalf of the landlord.

Client Money Protection provides insurance to landlords and tenants in the event that client money is stolen.

There are currently six approved scheme providers:

  • Client Money Protect
  • Money Shield
  • NALS Client Money Protection
  • Propertymark
  • RICS
  • UKALA Client Money Protection

For more information please see the website below:

https://www.gov.uk/government/consultations/mandatory-client-money-protection-schemes-for-property-agents