RICS Client Money Protection Scheme: consultation
It's time to have your say on a new RICS Draft Professional Statement that will specify the systems and protections required to keep your clients’ money secure.
Legislation came into force on 1 April 2019 that make it mandatory for all residential property agents who hold client money in England and Wales to be members of a Government-approved Client Money Protection Scheme (CMPS).
The consultation will assess the challenges faced by firms if the statement is adopted, and examine any possible negative or positive effects.
We have already reviewed the current proposals and believe that our existing property management software is already fully compliant. However, we will of course continue monitor the draft as it progresses, and feed back any issues that may arise.
The Professional Statement will apply throughout the UK and will define the responsibilities of regulated firms and individual RICS members.
The consultation is open until midnight on Wednesday 31st July 2019. You can read more about it here.