Transparency requirementsE+W
4.—[F1(A1) Paragraph (1) applies if the scheme administrator of an approved or designated client money protection scheme provides a certificate under regulation 8(1) of the scheme approval regulations to a regulated property agent.]
(1) [F2The] regulated property agent must—
F3(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(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—
any person on whose behalf the agent holds client money;
any person not falling within sub-paragraph (a) on whose behalf the agent has an agreement to hold client money; and
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.
Textual Amendments
F1Reg. 4(A1) inserted (1.4.2019) by Tenant Fees Act 2019 (c. 4), ss. 23(4)(a), 34(1) (with s. 23(5)); S.I. 2019/428, reg. 2(b)
F2Word in reg. 4(1) substituted (1.4.2019) by Tenant Fees Act 2019 (c. 4), ss. 23(4)(b)(i), 34(1) (with s. 23(5)); S.I. 2019/428, reg. 2(b)
F3Reg. 4(1)(a) omitted (1.4.2019) by virtue of Tenant Fees Act 2019 (c. 4), ss. 23(4)(b)(ii), 34(1) (with s. 23(5)); S.I. 2019/428, reg. 2(b)
Commencement Information
I1Reg. 4 in force at 1.4.2019, see reg. 1(2)