If you need more detailed information on the scheme, get in touch.
RICS operates a Client Money Protection scheme (CMP scheme) in the UK. This scheme provides protection, as a last resort, in instances where an RICS Regulated firm is unable to repay a client's money, up to the limits and exceptions set out in the scheme rules.
RICS' CMP scheme is split into two parts:
Contact us if you have any questions around the RICS Client Money Protection scheme.
Contact us if you have a possible claim that you would like to submit to the RICS Client Money Protection scheme, please fill out the claims form on this page and submit to us.
The RICS Client Money Protection for Residential Agents scheme has been approved by Government under the The Client Money Protection Schemes for Property Agents (Approval and Designation of Schemes) Regulations 2018. This means that RICS registered firms holding money in the areas covered by the regulations, will have met the requirements under The Client Money Protection Scheme for Property Agents Regulations (2008) to belong to an approved scheme.
|Certificates||Client money handling procedures document||Claim time limit||Per claims limits||Aggregate annual claim limits|
|Previous requirements and limits||No requirement||No requirement||Within 6 months of a loss being discovered||£50,000||£5.3 million|
|New requirements and limits for all surveying services firms holding client money in the UK - 1 April 2019||No requirement||Need to be published on website and/or freely available on request||Within 12 months of a loss occurring (to match the government's requirement)||£50,000||£10.3 million|
|New requirements and limits for residential agency firms holding client money in England – 1 April 2019||Need to be displayed in premises once issued by administrator||Need to be published on website and/or freely available on request||Within 12 months of a loss occurring (to match the government's requirement)||£50,000||£10.3 million shared with general surveying services and a further ringfenced £20 million, £30.3 million in total|
Firms may use the RICS Client Money Protection Scheme Rules as their Client money handling procedures as per the requirements set out in the The Client Money Protection Schemes for Property Agents (Approval and Designation of Schemes) Regulations 2018.
All regulated firms who hold clients' money pay a regulatory review fee on an annual basis. The income generated from these fees covers the operational costs of the client money regulatory review visit programme. The fee is set based on the number of directors/principals in each firm, which includes both RICS members and non-member individuals.
Following completion of your Annual Return an invoice is issued for this fee which covers the preceding 12 months. The invoice also includes a levy that is collected for the clients' money protection scheme.
See the below table to determine how client money levies will change from 1 April, 2019. We will review this after a year of operation of the new scheme arrangements.
|Total Principles in Firm||Previous Levy (before 31 March 2019)||Total New Levy for all firms not holding client money for residential property agency work in England from 1 April 2019||Total New Levy for firms holding client money for residential property agency work in England from 1 April 2019|