Client Money Protection Schemes For Property Agents (Requirement To belong To A Scheme etc.) Regulation 2019. Regulation 3 of the Client Money Protection Scheme (CMP) requires property agents in England’s private rented sector to be a member of an approved CMP scheme if they hold client money. This regulation came into effect on April 1, 2019.
1. In relation to the above legislation, please confirm how many and name the Property / Letting Agents the Council have prosecuted and / or fined from 01 April 2019 to date, for failing to be a member of an approved CMP scheme?
1 financial penalty issued to Swallows Property Ltd.
Please note, this legislation gives the ability for local authorities to issue a financial penalty, not to take a prosecution.
2. In each of the above case(s) if any, please confirm the amount of the monetary penalty imposed by the local authority?
£8000.
3. In each of the above case(s) if any, please confirm if the initial monetary penalty imposed by the local authority was upheld or reduced by the First Tier Tribunal?
The penalty was upheld by the First Tier Tribunal.