Client Money Protection (CMP)

Not all schemes provide the same level of cover as our scheme so we only accept CMP from certain providers. We will accept CMP from RICS or the Law Society of Scotland in lieu of our own. If you have CMP with Money Shield (administered by Propertymark), this too will be accepted and you will be brought over to our CMP scheme upon your Propertymark membership being renewed. 

We do not accept CMP cover from CMProtect, Safe Agent (formerly NALS) or UKALA. If you have CMP with those providers you will need to cancel that cover in order to become a Propertymark member. 

No, under professional indemnity insurance whilst there is an element of protection for the policyholder (for losses incurred as a result of fraudulent acts by specified employees), the consumer is not covered. CMP provides the public with a route to reimbursement.

Late payment of the CMP levy (and submission of other documentation) may be pursued as a disciplinary matter and dealt with outside of the disciplinary procedures. This means that members may not have an opportunity to explain their reasons for the delay. You will be sent reminders via email and text informing you that your CMP is due for renewal and how to make payment. 

Late submission in most cases results in a fine of up to £200 for each breach of the documentation requirements (e.g. professional indemnity insurance, accountants' report etc). Members who persistently fail to provide payment or documents will have their membership terminated.

Once you have submitted your Accountant's Report or Letting Partnership 'HealthCheck', you will be sent an invoice requesting payment for CMP. You can make payment through our secure payment system over the phone or by BACS (bank transfer), further details will be available on the invoice. 

Unfortunately we cannot issue refunds, your payment is an annual levy charged at a flat rate per legal entity (company) as a contribution to the cost of running the scheme.