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Client Money Protection

Client Money Protection is a mandatory requirement for all property management agents.

Client Money Protection (CMP) is a mandatory requirement for all property management agents,
as per regulations enacted from April 1st, 2019. It mandates that all letting and property
management agents in England handling client money must be members of a recognized Client Money Protection scheme. Failure to comply with this legislation can result in penalties. SafeAgent offers a Government approved CMP scheme that is recognised across the UK.

What is Client Money Protection?

At its most basic, the client money protection regulations require anyone engaging in property work to pay to belong to one of the recognised and approved client money protection schemes where they are holding client money.

This is designed to prevent tenants and landlords being left out of pocket where an agent unexpectedly goes into administration or absconds with their money.

What is Client Money?

Client money is any money received from a client (landlord or tenant) in the course of business that is held for another person.

Short Stays UK is a proud member (008510) of SafeAgent which offers a Government approved Client Money Protection Scheme. This protects any money held by a letting or property management agent. The scheme ensures that money such as rents and deposits are safeguarded whilst in the custody of their agent and are returned to clients if anything should happen to the agent.

As part of their membership of a recognised scheme, agents must also:

  • Hold client money in a client money account with a bank or building society
    authorised by the Financial Conduct Authority.
  • Obtain a certificate confirming
    membership of an approved CMP scheme and display this prominently in each of their offices where they deal with the public and on their website.
  • Hold and maintain appropriate professional indemnity insurance.
  • Provide a copy of the certificate to any person who may reasonably require it, free of charge.
  • Have appropriate client money protection handling procedures.
View CMP Certificate

Client Money Handling Procedures

Short Stays UK shall preserve the security of clients’ money entrusted to its care in the course of its practice or
business.

Our aim is to ensure that clients’ money can be clearly linked to the clients to whom it belongs and is protected on their behalf at all times and in particular, in the following
circumstances:

  • Insolvency
  • Misappropriation by any party
  • Transfer of client money to another organisation

Should clients’ money be misappropriated, the firm will inform The Property Ombudsman, SafeAgent and our
insurers.

General Controls

At all times we ensure:

  • Relevant employees have clear segregation of duties and responsibilities and that a Principal or appropriately qualified individual oversees the client accounting function.
  • That we employ competent and knowledgeable staff who are responsible for processing clients’ money and who are familiar with client money handling procedures.
  • That our accounting systems and client data are securely controlled and protected.
  • That our computer systems are adequately protected for access, firewalls, backups and disaster recovery.
  • There is adequate cover for holiday and long term absence.
  • Principals cannot and do not override controls surrounding the accounting systems.
  • All departments apply the same level of controls in relation to the client accounting function.

Client bank accounts

At all times we ensure:

  • That our clients’ money is held in a client bank account
    separate and that client money is available on demand.
  • The client bank account is correctly titled to distinguish the account from an office or any other account.
  • We have obtained written confirmation from the bank of the client account conditions.

Controls over the receipt of client money

At all times we ensure:

  • Procedures exist to identify and distinguish between
    clients’ and office money.
  • Mixed monies are initially paid into the client account and the office element paid in the office account when the receipt has cleared the bank.

Controls over the payment of client money

At all times we ensure:

  • Checks are made to ensure that sufficient funds are held on behalf of the relevant client before payments are made.
  • A copy of the bank mandate is held and is up to date.
  • Adequate authorisation and supervision procedures are in place for payments made by bank transfer and electronic methods.
  • All payment requests have supporting evidence and that documentation has been authorised in advance by a Principal or other appropriate person.
  • Cash and cheque payments are avoided.

Client accounting systems and controls

At all times we ensure:

  • Accounting records and systems are appropriate to the nature and volumes of client account transactions. We use a suitable software package to manage client money effectively.
  • Our systems provide details of all money received into and paid from our client account.
  • Our systems identify all receipts and payments to the client to which they relate.
  • Accounting records are completed chronologically and promptly.
  • The current balances at the total and client levels are always available.
  • All ledgers have the client name and an appropriate description, e.g. the property address.
  • Adequate controls are in place over unidentified client money to ensure that such funds are kept securely. The clients are located and reimbursed as soon as possible.
  • We complete a reconciliation at least once every month where clients’ money is held in a general client account.
    reconciliations are performed by a Principal

“Our second stay here”

“This is our second stay here. It’s just so lovely and cosy. I feel so happy here that I never want to leave.
Everything is like the photos, spotlessly clean. Very quiet and peaceful. Lovely looking at the River Exe from the windows.
Well-stocked and comfortable beds. Would be nice to visit in the summer and sit by the river..”

Jenna

“Great place too stay”

Great place to stay, walkable to Exeter Centre and quay. Mill On The Ex pub is a couple of doors away. The beds where comfortable and the kitchen had everything you needed. Would happily stay there again.

Stephen

Great location for a short riverside walk

Had a great stay. Ian was a helpful host and always on hand if needed. Clean, tidy place and we’ll equipped. Great location for a short riverside walk into town and would definitely stay again.

Darrel

Exactly as described

Lovely outdoor spaces and views. Very clean, host really responsive and helpful. Would stay again!


Sophie

Beautiful property

It was a beautiful property, had amazing beds and a comfortable stay! Ian the host was very communicative and helped a lot with all directions and everything to the house and around it!

Dilshad

Great place

Great communication with host, clean house with everything you need. Great location

Francesca

Wonderful place, will be back again

The cottage is well equipped with all the essentials. It was in a great location for what we planned to do for our stay. A special thank you to Ian for answering our queries so promptly.

Ken

We will be back

Me and my friends really enjoyed our stay at the property. It was clean, comfortable, and worked well for the 5 of us over the 4 days we were staying there.
The location is ideal – around a 15 minute walk to the centre and St David’s/Central station.
Ian was a great host, very communicative and happy to help.
We would definitely recommend this property! Thank you for having us 🙂

Ellis

Amazing place

A great place to stay within easy walking distance to the city centre and restaurants and bars. The allocated parking space was a massive bonus. The house had everything we needed for our weekend stay. We would highly recommend.

Jenny

Can’t recommend enough

House was very clean, nice area, well maintained property, hosts were very communicative and helpful.
Absolutely would recommend

Micheal

“Can’t wait to come back

We had a lovely stay at the cottage, felt right at home. It was super cosy and the kitchen was very well equipped to make our dinner/breakfast. Instructions were very clear and Ian was very speedy to reply 🙂 The beds were super comfy and it was within walking distance of loooads of nice restaurants and bars. Mill on the Exe is very close and is a gorgeous pub. Would definitely come again.

Daisy

“Will definitely be back

Lovely cosy cottage in a quiet spot overlooking the river Exe. Easy walking distance in to the town centre & Quay area. The cottage was clean & comfortable & well equipped. We would recommend & stay there again.

Morag

“Will use again 100%

Was working away so my and my work colleagues stay over really nice property and agent Ian was extremely helpful will use again 100% when back in Exeter

Dale

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