Client Money Protection (CMP)

Sandersons UK are a member of Client Money Protect (CMP),  a specialist membership scheme protecting the money of their clients against theft or misappropriation by the owners of the business whilst it is in their custody or control. Typically these monies will be either landlord’s rent that the letting agent has collected or tenant’s deposits. It can also include landlord’s funds held for the payment of contractors in respect of repairs or maintenance to their rented properties

Renting property can be a challenging process so finding the right agent who are dedicated to protecting your best interests is critical. 

CMP has been specifically designed to provide client money protection cover to agents throughout the UK. Client Money Protect is a scheme that protects clients' money against theft of their money, whilst in the custody and control of a CMP member.

CMP Members are provided with a window sticker, an annual Membership Certificate to display in their office and will be allowed to display the CMP logo on their literature. 

You can check whether a letting agent is a member of CM Protect by checking the Member Directory on the CMP website at www.clientmoneyprotect.co.uk or by writing to CMP at the address below:

Client Money Protect, 1st Floor, Premiere House, Elstree Way, Borehamwood, Hertfordshire, WD6 1JH

CM Protect Limited trading as Client Money Protect is a wholly owned subsidiary of Hamilton Fraser who are authorised and regulated by the Financial Conduct Authority (Reference Number: 306513).

Hamilton Fraser has been providing specialist landlord insurance, under the brand of Total Landlord Insurance, since 1996 and operates the government authorised my|deposits Tenancy Deposit Protection Schemes in England, Wales, Scotland, Northern Ireland and Jersey. A Hamilton Fraser subsidiary company, HF Resolution Limited also runs the government approved Property Redress Scheme.

Client Money Protected: www.clientmoneyprotect.co.uk

The limits of compensation that CMP provides to clients of Sandersons are:

• A maximum of £500,000 any one incident of theft committed by a Member

• A maximum of £25,000 to any one client

1. Theft of client monies by an employee of the business. CMP is designed to protect clients from theft of money by the owner of the business. Theft of client monies by an employee of the business is still the responsibility of the employer and therefore it is the responsibility of the employer to protect the business against this type of risk. CMP requires all its members to hold Professional Indemnity Insurance that will pick up this type of theft. Landlords and tenants will be directed to make a claim against the letting agents’ PI policy.

2. Theft of monies by the owner owed to another owner. CMP will not pick up any claims where one business owner misappropriates monies owed to another owner.

3. Theft of monies by a third party. CMP will not honour any claim where theft of client monies is undertaken by any person not connected with the letting agent. For example, monies held by tradesmen, financial institutions or other businesses.

4. Theft of monies already protected/held by an authorised Tenancy Deposit Protection Scheme. CMP will not pick up claims which relate to tenant’s deposits that are protected by a government authorised tenancy deposit protection scheme, whether the scheme is a custodial scheme or insured-based scheme. CMP will only honour claims if the deposit schemes’ Membership Rules are exhausted or not applicable e.g. the deposit was never protected or the scheme cannot or will not honour the protection of the deposit. If the deposit is clearly protected, or held in a custodial scheme, the claimant will be directed back to the relevant deposit protection scheme. CMP will not accept claims from an authorised Tenancy Deposit Protection scheme to offset its liability.

CMP does not act on behalf of the letting agent. It is an independent membership body that provides the protection of client money whilst held by its members and the Scheme insures its liability for the payment of any claims

• CMP will only investigate complaints relating to theft of clients money. All other complaints must be directed through Sandersons complaints process.

• CMP will not accept complaints relating to client money disputes where such monies continue to be held securely by the Member.

• Where client money disputes relate to deposits protected by an authorised Tenancy Deposit Protection Scheme, you should firstly direct your complaint to such Scheme for resolution of the dispute. Disputes will only be accepted by CMP once the Tenancy Deposit Scheme Rules and relevant complaints procedure has been exhausted.

If you are unhappy with the service from CMP please direct your concerns to Tim Frome, Associate Director, using the following methods:

Email: tim.frome@hamiltonfraser.co.uk                            Telephone: 0333 321 9414 

CMP will not accept complaints or disputes relating to theft of your money by employees of the Member firm. You should settle the matter directly with the owners of your agent and only refer to CMP if you cannot make contact with them.

CMP does not offer a ‘for whatever reason’ guarantee. The guarantee extends only to loss by theft of client monies by the principle or owners of the business. For the purpose of doubt, theft means 'the dishonest obtaining of money with the intention of permanently depriving the client of such money'. When considering whether a claim under the guarantee is valid or not, CMP will need to ascertain whether theft of client monies, and therefore a crime, has taken place. CMP will not accept claims where the agent merely refuses to return monies and those monies are clearly still in the custody and control of the agent.

If you have any worries about the security of your money and have been unable to establish contact with Sandersons, you should contact CMP to discuss your concerns.

Email: claims@clientmoneyprotect.co.uk | Telephone: 0333 321 9414

Write to:Client Money Protect Limited, 1st Floor, Premiere House, Elstree Way, Borehamwood, WD6 1JH

Please click here for the CMP certificate for ICONN LIMITED T/A SANDERSONS UK for 2024 – 2025.