Client Money Protection
Excel Property Services is a member of Client Money Protect (CMP)
CMP ensures the money that a landlord or tenant pays to a letting agent is safely protected against misappropriation by the agency.
Letting agents that have CMP must maintain and operate a separate account with their bank, where all client money is held separately from their operating funds. Examples of client money can include tenants’ deposits (before and after they’re protected), landlords’ repair funds, rents, service charges and arbitration fees. So, in the unlikely event that money is mishandled by the agent, the landlord or tenant’s money is secure, and they can make a claim from the relevant CMP insurance scheme for its return.