Client money protection schemes

23Client money protection schemes: requirement to belong to a scheme etc

1

The Client Money Protection Schemes for Property Agents (Requirement to Belong to a Scheme etc.) Regulations 2019 are amended as follows.

2

In regulation 2 (interpretation)—

a

in the definition of “client money”—

i

in paragraph (a), for “agency”, in the second place it occurs, substitute “management”, and

ii

at the end of paragraph (b), for “; and” substitute

,

but does not include money held in accordance with an authorised tenancy deposit scheme within the meaning of Chapter 4 of Part 6 of the Housing Act 2004 (see section 212 of that Act);

b

at the end of the definition of “regulated property agent” insert

;

  • “scheme administrator” has the same meaning as in the scheme approval regulations (see regulation 2 of those regulations); and

  • “scheme approval regulations” means the Client Money Protection Schemes for Property Agents (Approval and Designation of Schemes) Regulations 2018.

3

In regulation 3 (requirement to belong to a client money protection scheme), omit paragraph (2).

4

In regulation 4 (transparency requirements)—

a

before paragraph (1) insert—

A1

Paragraph (1) applies if the scheme administrator of an approved or designated client money protection scheme provides a certificate under regulation 8(1) of the scheme approval regulations to a regulated property agent.

b

in paragraph (1)—

i

in the words before sub-paragraph (a), for “A” substitute “The”, and

ii

omit sub-paragraph (a).

5

The amendments made by this section are without prejudice to any power to make an order or regulations amending or revoking the regulations mentioned in subsection (1).