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Client Money Protection Scheme

RICS Client Money Protection Scheme

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:

  • general client money protection, covering money held by firms undertaking any surveying activities (Client Money Protection for Surveying Services); and
  • residential agency activity in England protection, covering areas under the Client Money Protection Schemes for Property Agents (Approval and Designation of Schemes) Regulations 2018 (Client Money Protection for Residential Agents).

For clients of RICS Regulated Firms

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.

Residential lettings and property management in England

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.

Changes as of 1 April 2019

  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.

Regulatory review fees

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.

Levies

Due to the changes in insurance cover noted above, we will be communicating an uplift in our CMP levies for 2019-2020 in the coming weeks. We will review this after a year of operation of the new scheme arrangements.