Client Money Protection
All Members of Client Money Protect (CMP) are required to handle client money as per Section E in the CMP Scheme Rules. These standards for holding and accounting for client money are regarded as industry best practice.
The aim of this guide is to provide advice to all member firms of CMP who hold or intend to hold client money and to help identify areas of vulnerability in their process and controls. This guide is to assist you in understanding client money and the best practices needed to hold it correctly. You may also pass this guide onto your clients so they feel secure in the knowledge that their money is being handled correctly.
To establish that the clients’ money held can be reconciled to the client to whom it belongs to and is secured on their behalf at all times and available to be returned to the client when required.
CMP reserves the right to reject any application for membership if we consider that you cannot or do not comply with these practices when holding client money.
What is client money
Client money is money that a firm holds or receives for or from a client and can be of any currency. This could be in the form of cash, draft, cheque or electronic transfer and includes money held by the firm as stakeholder and which is not immediately due or payable on demand to the firm for its own account. For example, rent and/or deposits.
G & A LETTINGS ARE A MEMBER OF CLIENT MONEY PROTECT (membership number CMP004109)