The Client Money Protection Schemes for Property Agents (Requirement to Belong to a Scheme etc.) Regulations 2019 No. 386

Transparency requirements

4.—(1) A regulated property agent must—

(a) obtain a certificate confirming the agent’s membership of the approved or designated client money protection scheme;

(b) display the certificate—

(i) at each of the agent’s premises in England at which the agent deals face-to-face with persons using or proposing to use the agent’s services as a property agent; and

(ii) at a place in each of those premises where the certificate is likely to be seen by such persons;

(c) publish a copy of the certificate on the agent’s website (if any); and

(d) produce a copy of the certificate to any person who may reasonably require it, free of charge.

(2) A regulated property agent must notify each client in writing—

(a) if the agent’s membership of an approved or designated client money protection scheme is revoked; or

(b) if the agent ceases to be a member of a particular approved or designated client money protection scheme and becomes a member of a different approved or designated client money protection scheme.

(3) A notification under paragraph (2) must—

(a) be given to each established client within 14 days of the event mentioned in paragraph (2); and

(b) if it is given under paragraph (2)(b), give the name and address of the scheme of which the agent becomes a member.

(4) In this regulation—

“client” means—

(a)

any person on whose behalf the agent holds client money;

(b)

any person not falling within sub-paragraph (a) on whose behalf the agent has an agreement to hold client money; and

(c)

any person, not falling within sub-paragraph (a) or (b), from whom the agent is likely to receive client money; and

“established client” means a person who is a client on the day on which the event mentioned in paragraph (2) occurs.