client money protection - faq
TRANSCRIPT
RESULATIONworking in the pubLic interest
Your regutated agent is:
Erre oFriltMP fu2a55
www.nfopp-regulation.co,uk/protecti ng-clients-moneyArbon House, 5 Tournament Court, Edgehitt Drive, Warwick CV34 6LG
T:0845 250 6009 F:01926117 7BB E: publict-dnfopp-regutation.co.ukRegistered in England No. 897907. Registered address Warwick office
PROTECTIONFREQU ENTLY ASKED QU ESTI O NS
4NAEA
National Associrtion ofEstate Aqents
-trlDTCBAlnstikrlion ol Connrercial
6 Business Agents
IUAVANalional AssociatroI of
Va|rars and Aralio[Pers
REGULATION
CLI ENTMONEY
ffi
CLI ENTMONEY ffiPROTECTION NFOFPREGULATIONworktnq in llle pLthLic interes[HXPLA -dHM.,.
MY LETTING AGENT TELLS ME THEY HAVE CLIENT MONEY PROTECTION.WHAT DOESTHAT MEAN?It means that shou[d the agent misappropriate your rent, deposit or otherfunds the scheme wit[ consider an app[ication to compensate you.
ARE THERE ANY LIMITS TO THIS COVER?
NFoPP through their scheme wit[ compensate a [andlord or tenant up toa Iimit of f25,000. However, [andtords are Iimited to a maximum of threemonths rent. The totaI payab[e in respect of a member companywou[d bef500,000. ln any one year the scheme has a Iimit of f3mil"l"ion.
HOW DO I MAKE AN APPLICATION?AtLyou are required to do in the first instance is contact the RegutationDepa rtment by e- ma i [i n g cmpapplicationsftlnfopp-regulation.co.uk
15 THERE A TIME LIMIT FOR MAKING AN APPLICATION?Yes, app[icants must fi[e an app[ication for compensation with NFoPP withina period of 12 months from the date that NFoPP are first aterted to issueswith a member company.
WILL I NEED TO BE ABLE TO PROVE FRAUD?No. You only require proof that you have not received monies to whlch youwere legatty entitted.
MYAGENT CLAIMS THEY HAVE SPENT MY RENT UPGRADING MY PROPERTY.IS THIS POSSIBLE?This is possibte depending on your Terms and Conditions of Businesswith your agent, but you shouLd be provided with copies of the appropriatereceipts by the agent.
MY AGENT USES A THIRD PARTY COMPANY TO COLLECT THE RENT AND TO
HOLD THE TENANCY DEPOSIT, AM I COVERED?
ln those circumstances such ctient money might not fat[ within the ctientmoney protection scheme. You wi[[ need to make f urther enquiries byemailing [email protected]
#LOOKFORTHELOGO
NFOPP- REGU LATION . CO, UK
WHATWILL HAPPEN NEXT?
You witt be asked to submit your application in writing aLong withsupporting evidence. Evidence of a tenant's deposit for example coutd bea tenancy agreement and a deposit protection certificate, if appropriate.Evidence from a [andtord claiming rent had been paid but not passed onwou[d be a bank statement from a tenant showing payment to the agentatong with your own bank statements showing previous payment made andstopping to match the tenant's statements. This is not an exhaustive List ofsupporting documents.