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Money Shield Secures Formal Government Approval as a CMP Scheme

Money Shield, jointly owned by Propertymark and The Dispute Service (TDS), and launched in association with The Property Ombudsman (TPO) in August 2018, has now received formal approval from the Housing Minister, Heather Wheeler MP, to operate a Government-authorised Client Money Protection (CMP) Scheme.

The law now requires all property agents in the private rented sector to be members of an approved CMP scheme by 1st April 2019.

At £400 per firm and available to all letting and estate agents, Money Shield is a straight forward and cost-effective solution, allowing agents to offer their clients protection and reassurance without needing to join a professional body.

Spokespeople from Money Shield, Propertymark, TDS and TPO said: “In the past, landlords and tenants alike have fallen victim to rogue agents misappropriating their money. However, from 1st April, all agents must be enrolled in a CMP scheme and consumers can rest assured that their money will be protected. We’re delighted our scheme has secured formal Government approval, and we encourage any agents who have not yet secured CMP to join Money Shield before the deadline in just under five weeks’ time.”

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Categories: TPO News