Client money protection schemes

23Client money protection schemes: requirement to belong to a scheme etc

(1)

The Client Money Protection Schemes for Property Agents (Requirement to Belong to a Scheme etc.) Regulations 2019 are amended as follows.

(2)

In regulation 2 (interpretation)—

(a)

in the definition of “client money”—

(i)

in paragraph (a), for “agency”, in the second place it occurs, substitute “ management ”, and

(ii)

at the end of paragraph (b), for “; and” substitute “ , but does not include money held in accordance with an authorised tenancy deposit scheme within the meaning of Chapter 4 of Part 6 of the Housing Act 2004 (see section 212 of that Act); ”, and

(b)

at the end of the definition of “regulated property agent” insert“;

“scheme administrator” has the same meaning as in the scheme approval regulations (see regulation 2 of those regulations); and

“scheme approval regulations” means the Client Money Protection Schemes for Property Agents (Approval and Designation of Schemes) Regulations 2018.”

(3)

In regulation 3 (requirement to belong to a client money protection scheme), omit paragraph (2).

(4)

In regulation 4 (transparency requirements)—

(a)

before paragraph (1) insert—

“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.”, and

(b)

in paragraph (1)—

(i)

in the words before sub-paragraph (a), for “A” substitute “ The ”, and

(ii)

omit sub-paragraph (a).

(5)

The amendments made by this section are without prejudice to any power to make an order or regulations amending or revoking the regulations mentioned in subsection (1).