#NewsStory: New client money protection service, Money Shield, launches today

Money Shield, a new Client Money Protection (CMP) service launches today, available to all letting agents and estate agents, enabling them to reassure customers that their money is safe. 

CMP reimburses both landlords and tenants if an agent goes into administration, or in the event they misuse client’s money, including rents, unprotected deposits and funds for maintenance work. Last year, after successful lobbying from Propertymark and Baroness Hayter of Kentish Town, the Government ruled in favour of mandatory CMP in England. When the legislation comes into force, all agents will need to be signed up to a CMP scheme, such as Money Shield. Agents can join Money Shield now to set themselves apart from their competitors.

Money Shield is a straight forward and cost-effective solution, allowing agents to obtain robust protection for their clients without membership of a professional body. Owned jointly by Propertymark and The Dispute Service (TDS), Money Shield is being launched in association with The Property Ombudsman (TPO). As the scheme administrator, Propertymark is well positioned as a recognised consumer brand with a long and successful history of managing a Client Money Protection scheme.

A spokesperson from Money Shield said: “Before the Government’s announcement on compulsory CMP last year, many consumers didn’t consider the financial risks of using an agent who didn’t offer protection. Consumer awareness has now grown, and landlords and tenants are now far more aware of the dangers and associated risks. We urge all letting agents and estate agents across the country to get ahead of the curve and enrol now before the legislation comes into effect, to gain ground on your competitors and avoid falling foul of the law.”

About Money Shield

Money Shield is a Client Money Protection (CMP) scheme, available to all UK lettings and estate agents. It offers a straight-forward and cost-effective CMP solution, allowing agents to secure robust protection for their clients without membership of a professional body. Money Shield is owned jointly by Propertymark and The Dispute Service (TDS), administered by Propertymark and operated in association with The Property Ombudsman (TPO). Money Shield is the trading name of Money Shield Ltd.

About TDS

Tenancy Deposit Scheme (TDS) is a government approved scheme for the protection of tenancy deposits; TDS offers both Insured and Custodial protection and also provides fair adjudication for disputes that arise over the tenancy deposits that we protect.

We provide invaluable training in tenancy deposit protection and disputes for agents and landlords through the TDS Academy as well as joining with MOL to provide the Technical Award in Residential Tenancy Deposits. 

TDS Insured Scheme: where a TDS member can hold the tenancy deposits as stakeholder during the term of the tenancy.

TDS Custodial Scheme: where TDS hold the deposit for the duration of the tenancy.

TDS Academy: TDS provides property professionals with invaluable training in tenancy deposit protection and tenancy deposit disputes.

TDS can only comment on the process for our scheme, other deposit protection schemes may have a different process/require different steps. Content is correct at the time of writing.

These views are those of the author alone and do not necessarily reflect the view of TDS, its officers and employees.