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

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Penalty for breach of the transparency requirements

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7.—(1) Where a local authority in England is satisfied beyond reasonable doubt that a property agent has breached regulation 4, the authority may impose a financial penalty in respect of the breach.

(2) The financial penalty—

(a)may be of such amount as the authority imposing it determines; but

(b)must not exceed £5000.

(3) Paragraph (1) does not apply in relation to a breach of regulation 4(1) if the agent has taken all reasonable steps to obtain a copy of a certificate confirming the agent’s membership of the approved or designated client money protection scheme and the scheme administrator has not provided it.

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