From 1st April 2019, letting agents must belong to an approved CMP scheme. As part of this scheme, they must;
The agent must also ensure the level of CMP membership provides enough cover to compensate clients for the maximum amount of client money that they hold.
Local Authorities will have powers to impose fines of up to £30,000.00 on agents who do not belong to a scheme beyond this date. They can also impose fines of up to £5,000.00 on agents who fail to display correct scheme membership details on their website and within branch.
Article information from ARLA