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The Client Money Protection Schemes for Property Agents (Approval and Designation of Schemes) Regulations 2018

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Conditions with which scheme administrators must comply

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8.—(1) The scheme administrator must provide each scheme member with a certificate confirming that person’s membership of the scheme as soon as reasonably practicable.

(2) The scheme administrator must, in relation to each quarter of the financial year, provide such information as the Secretary of State may require on the operation of the scheme within a month of the end of the quarter or by such later date as is notified to the scheme administrator by the Secretary of State.

(3) The scheme administrator must provide a relevant person with such information relating to a member’s membership or a claim under the scheme as the relevant person may require in connection with their functions.

(4) Within a month of renewing the scheme’s insurance, the scheme administrator must provide the Secretary of State with confirmation of the renewal by sending a hard copy of the broker’s certificate or similar document detailing the type and amount of insurance held by the scheme.

(5) The scheme administrator must publish on the scheme’s website—

(a)the scheme’s procedures for making claims against the scheme, the investigation and determination of such claims and dealing with any complaints that may be made under the scheme; and

(b)a copy of a current broker’s certificate or similar document detailing the type and amount of insurance held by the scheme.

(6) In this regulation—

“financial year” means a period of 12 months beginning with 6th April; and

“relevant person” means—

(a)

any person exercising functions under an approved or designated scheme;

(b)

any person exercising functions under a tenancy deposit scheme within the meaning of section 212(2) of the Housing Act 2004(1);

(c)

any person exercising functions under a redress scheme approved or designated in accordance with provision made under section 87 of the Enterprise and Regulatory Reform Act 2013(2);

(d)

any local authority in England exercising functions under regulations under section 135 of the 2016 Act; and

(e)

any other person exercising regulatory or enforcement functions in relation to property agents.

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