Propertymark Client Money Protection Scheme
Michael Usher Property Services Ltd is a member of Propertymark.
The Propertymark Conduct and Membership Rules can be found here
Propertymark Client Money Protection (CMP)
- Propertymark retains the right to modify, amend, withdraw or cease the CMP scheme arrangements or the details therein and, in such circumstances, material changes will be notified to PPDs’ firms accordingly, as soon as administratively practicable.
- Propertymark, in consultation with its insurance advisers, will determine the annual levy due under the CMP scheme from each PPD’s firm or category of PPD’s firm. Requests for payment of the levy will be sent to the PPD’s firm on or around the anniversary of acceptance into the CMP scheme. All PPD member’s firms that handle/hold clients’ money are required to pay the Propertymark CMP levy.
- The CMP levy once paid is non-refundable.
- The same CMP payment limit, as currently in force, applies separately to franchisor members and franchisee members. This is regardless of whether franchisors hold funds on behalf of multiple franchisees, and regardless of whether franchisees rely on franchisors or others to provide their accounting services.
- Similarly, members who subcontract their accounting work to a CASP are required to pay the CMP levy currently in force.
- The failure to make payment of the annual levy by the due date as appears on the invoice will result in termination of membership of all of the PPDs associated with that firm.
- Propertymark may, from time to time, require all PPD members’ firms to pay a special additional levy to help maintain and sustain the financial viability of the CMP scheme.
- Where a successful claim is made on the CMP scheme it will constitute a serious breach of the Membership and Conduct Rules, such that disciplinary proceedings may follow.
- Where a payment is made by the CMP scheme to compensate any third party for the default howsoever arising of a sole trader, partnership, limited liability partnership or limited company (“the Business”) or of any CASP (as defined in clause 1.3) to whom the custody of client money has been entrusted by the Business then any individual member of Propertymark who is associated with the Business as either a sole trader, principal, director, employee, shadow director, member, consultant, partner or shareholder shall be jointly and severally liable to indemnify Propertymark or its insurers in respect of any such payment.
- Propertymark will cooperate fully and make full disclosure to any appropriate authority in the event of criminal investigation or proceedings.
