The Client Money Protection Schemes for Property Agents (Approval and Designation of Schemes) Regulations 2018 No. 751

Interpretation

2.  In these Regulations—

“the 2016 Act” means the Housing and Planning Act 2016;

“approved scheme” means a client money protection scheme approved under regulation 3;

“client money” means money—

(a)

received by a property agent in the course of English letting agency work within the meaning of section 54 of the Housing and Planning Act 2016 or English property agency work within the meaning of section 55 of that Act; and

(b)

held on behalf of another person;

“client money protection scheme” has the meaning given in section 133(4) of the 2016 Act;

“designated scheme” means a government administered client money protection scheme designated under regulation 6;

“government administered client money protection scheme” has the meaning given in section 133(4) of the 2016 Act;

“property agent” has the meaning given in section 133(4) of the 2016 Act; and

“scheme administrator” means—

(a)

in the case of an approved scheme, the person appointed to administer that scheme;

(b)

in the case of a designated scheme administered by the Secretary of State, the Secretary of State;

(c)

in the case of any other designated scheme, the person appointed to administer that scheme on behalf of the Secretary of State.