Close Search
 
to
 
 

Client Money Protection

 
15/10/2019

Client Money Protection (CMP)

UKALA’s relationship with Let Alliance has led to the exclusive, industry-first introduction of total loss client money protection (CMP) to UKALA members. Underwritten by A-rated insurers Hiscox, CMP is regulated by the Financial Conduct Authority in the UK. This benefit is not available to anyone else in the market so marks an exciting achievement for UKALA.

Client money Protection CMP logo

An insurance product for letting agents, CMP protects against the loss of or attempt to fraudulently use client money such as rent and deposits by letting agents. CMP is  Client Money Protection included in UKALA Membership to help safeguard property agents’ clients’ money.

The introduction of total loss CMP means that, for the first time, tenants and landlords will be able to claim back the entire amount of money that has been lost or misappropriated by an agent. Previously, the amount you could claim was capped, but now, whether you’re owed £5000 or £50,000, under UKALA’s total loss CMP, you’ll be able to claim ALL of your money back.*

With £billions of tenants’ and landlords’ money held by letting agents, the new total loss CMP is an important milestone in the industry.

With the removal of loss limits for both tenants and landlords, you can now enjoy the peace of mind of fully comprehensive cover. The exclusive benefit for UKALA members and their clients comes ahead of a number of changes for the private rented sector in 2018, including the Government making CMP mandatory for letting agents.

UKALA ’s relationship with Let Alliance, who provide specialist support services to the private rental sector, has been established since January 2018.

The UKALA total loss CMP scheme is open to all property agents and professionals who can become members via the straightforward application process.

 

247 Property Property Services Limited Operates with this very product. 

 

 

Back to Blog