What is UKALA Client Money Protection (CMP)?

UKALA CMP means that, for the first time, tenants and landlords will be able to claim back the entire amount of money that has been lost or misappropriated by an agent – for example, in cases of theft of client monies by a Director, Principal or Partner.

Previously, the amount you could claim was capped. But now, under UKALA’s CMP, whether you’re owed £5,000 or £50,000, you’ll be able to claim ALL your money back.*

UKALA’s CMP is our government-approved scheme for Letting and Property Management agents and is underwritten by A-rated insurers Hiscox. Our CMP scheme is open to all property agents and professionals who are UKALA members.

*Exclusions apply see  Terms and conditions  for details

Does my business require a segregated client account?

As of April 2021, it became a legal requirement for all letting and property management agents to hold a segregated, ring-fenced client account.

UKALA requires every member to hold all client money in a segregated and ring-fenced client account with an FCA regulated bank.

UKALA reserves the right to reject or cancel a member’s application or renewal, in accordance with the UKALA terms and conditions, if the agent cannot demonstrate that they conform to this requirement.

My agency can’t obtain a client account, what should I do?

If you are having trouble with your current bank obtaining a ring-fenced client account, or you currently don’t hold a ring-fenced client account, UKALA can help fast track your business to compliance.

UKALA  has a partnership with a high street commercial bank who will be happy to help you. They will fast track your new client account in parallel with your UKALA membership application.

If you would like a call back from the commercial bank please fill in the contact form below with your details and a representative will be in touch shortly.

Alternatively, please call the UKALA membership team on 03300 55 33 22 (Option 1). 

If you would like a call back with the commercial bank please fill in the below contact form with your details and a representative will be in contact shortly:

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