Cymraeg 
RICS Client Money Protection Scheme
'Client Money Protection' (CMP) is a scheme to provide compensation for landlords and tenants when agents misappropriate clients' and tenants' money.
Tudor Estate Agents is a firm which is registered with RICS for regulation and is therefore subject to the RICS Rules of Conduct.
We have elected to use the RICS's Client Money Protection Scheme so if you are our client, landlord or tenant your funds are protected.
We are also members of ARLA and comply with the ARLA Client Money Protection Procedures and Policies (CMP) - see the ARLA document on CMP >here.
It is estimated that a large number of letting firms do not offer this protection!
RICS Regulated Firms with Clients Money are obliged to publish their clients money handling procedures.
Handling of Client Money
All TUDOR Client Monies are held in Client Money Accounts with HSBC
The RICS Scheme stipulates that we must:
- maintain one or more Client Money Accounts into which all Client Money of the Member is paid; √
- that our Client Money Account must be designated as such and easily distinguished from other accounts of the Member; √
- all clients of the Member must be advised that Client Money will be held in a Client Money Account and be notified of the details of that account; √
- confirm in writing with the bank with which it holds a Client Money Account that the bank acknowledges that monies in the Client Money Account must not be combined with, or transferred to, any other account maintained by the Member and the bank shall not be entitled to exercise any right of set up or counterclaim against money in that Client Money Account in respect of any sum owed to it in respect of any other account of the Member firm; √
- keep records and accounts which show all dealings with Client Money, and demonstrate that all Client Money held by the firm is held in a Client Money Account. √
As regards handling Client Money, the RICS scheme stipulates that we must:
- have and comply with written procedures for handling Client Money, which must comply with any RICS requirement to which the above rule refers; √
- publish their procedures for handling Client Money on their website (if any); √
- provide a copy of their procedures for handling Client Money to any person who may reasonably require a copy, free of charge; √
- keep records and accounts that show all dealings with Client Money; √
- repay any Client Money, including where feasible any interest earned, without delay if there is no longer any requirement to retain that money or the relevant client requests it; √ and
- hold and maintain professional indemnity insurance cover that is appropriate for the Member's size, income, type of work and the amount of Client Money held. √
In addition to the specific provisions set out in above Rules, the Scheme Administrator may from time to time issue advice and guidance as to how RICS Registered Firms should best comply with RICS Rules of Conduct, which may include guidance to, or prescription of additional required procedures for, RICS Client Money Protection Registered Firms which are members of the Scheme relating to key aspects of best practice as to the handling of Client Money.
16th July 2020
