ACCREDITATION

REGULATION

As an active member of the NAEA, we want to reassure you that your business with us is safe, trustworthy, and bona fide.

By law, we are required to display a copy of the accounting rules of our client money protection provider. We are also required to display a copy of our scheme certificate. You can find both of these below.

You can also find more details about the rules and conduct that we must abide by as a member of Propertymark at https://www.propertymark.co.uk/professional-standards/rules.html

CLIENT MONEY PROTECTION (CMP) SCHEME

You can also find this information here... 

CMP is a scheme that reimburses landlords and tenants should a letting agent misappropriate their rent, deposit or other client funds. It has long been a requirement for ARLA Propertymark members to have CMP and has been a legal requirement for all letting agents since 1 April 2019.

CMP is mandatory for every company that acts as an agency in property (including chattels auctioning) which handles client money or uses a third party to oversee client money. If this is the case, to become a member, Principals, Partners and Directors (PPDs) have to take out CMP with Propertymark unless they have CMP with Money Shield, RICS or the Law Society of Scotland.

Our affiliation with the scheme is renewed annually as per membership requirements, and all client money is held within the appropriate client monies account at Virgin Money UK; you can be assured that your money is safe with us.

Propertymark CMP Main Scheme Certificate 

ACCOUNTING RULES, NAEA

You can also find this information here...

An Accountant's Report or financial 'HealthCheck' is required to ensure our company handles client money correctly. Client money is any money held which we are not beneficially entitled to, e.g. tenants' deposits, rent, service charges, arbitration fees etc.

Where client funds are held subject to the Estate Agents Act 1979, the Accountant's Report must be completed by a registered auditor as per section 1239 of the Companies Act 2006.

This refers to pre-contract or contract deposits in connection with the purchase of landed property or a connected contract. This does not apply if you only hold client funds in connection with lettings.

Client money must be held in a bank or building society regulated by the Prudential Regulation Authority (PRA) with permission to accept deposits under the Financial Services and Markets Act 2000. More info... 

Reports must be completed by a chartered or certified accountant. The accountants must be a member of one of the Financial Reporting Council's Recognised Supervisory Bodies (RSBs) and have a practicing certificate. The accountant must not have a connection to anyone at the company during the accounting period stated in the report.