Up until recently, to protect deposits through our Insured scheme, all agents needed to have Client Money Protection (CMP). This means you would have to be a member of one of the following industry bodies: ARLA; NAEA; NALS; RICS; The Law Society or UKALA.
We’re delighted to tell you there’s now an alternative option. The new HealthCheck service from The Letting Partnership independently checks your client money accounts to make sure your agency funds match your financial requirements. We’re allowing agents who use this service to protect deposits through our Insured scheme, something previously available only to members of one of the above CMP providers! The process has been created by The Letting Partnership to be a simple, speedy service. For a fee of £300 (including VAT), they audit your client money account without the need for an accountant’s report.
Am I eligible?
If your agency holds less than £1 million in client money (including tenancy deposits), and your accounting is carried out ‘in house’ then you could be eligible.
You can download a checklist of the information required before starting the application process via their quick online questionnaire. Within 10 days, The Letting Partnership will get back to you confirming your eligibility.
As long as you’ve registered an account through our website and accepted the Insured Scheme Terms and Conditions, the “HealthCheck” option will automatically be available to select via the CMP provider drop down menu in your account.
Already registered with a CMP provider? You can still benefit!
What’s more, if you’re an agent already registered with one of our accepted CMP providers and you also pass the HealthCheck, you’ll be able to benefit from a discount on every deposit protected through our Insured scheme. For more details, please contact us at support@depositprotection.com.
Jennifer Markham, Managing Director at The Letting Partnership, said:
“As the HealthCheck Report also includes detailed information on the ways in which client money is being handled and processed the service not only saves thousands of pounds in accountant fees it gives an owner manager agent peace of mind through feedback on compliance.”
For more information regarding the client account HealthCheck, please call The Letting Partnership directly on 01903 477902. Further information can also be found via their website: www.thelettingpartnership.co.uk/