What is a CMP Scheme?

CMP is a scheme that reimburses landlords and tenants should a letting agent misappropriate their rent, deposit or other client funds. It has long been a requirement for ARLA Propertymark members to have CMP and is a legal requirement for letting agents in England, Scotland as part of the Code of Practice and Wales through Rent Smart Wales.

CMP is mandatory for every company that acts as an agency in property (including chattels auctioning) which handles client money or uses a third party to oversee client money. If this is the case, to become a member, Principals, Partners and Directors (PPDs) have to take out CMP with Propertymark unless they have CMP with Money Shield, RICS or the Law Society of Scotland