Part 5: Housing, Estate Agents and Rentcharges: Other Changes Enforcement of estate agents legislation Section 133: Power to require property agents to join client money protection schemes
Section 133 provides the Secretary of State with the power to make regulations requiring property agents to be a member of a client money protection scheme. A client money protection schemes protects the money of landlords and tenants in the event of a property agent going into administration and against theft or misappropriation by the agent whilst it is in their custody or control. Regulations may impose requirements about the nature of membership of a client money protection scheme that an agent must obtain, and shall impose requirements in relation to the certificate that a property agent must obtain, display and produce to show that they are a member of a relevant scheme.