Commentary on provisions of Act Section 23: Client money protection schemes: requirement to belong to a scheme etc
This section amends the Client Money Protection Schemes for Property Agents (Requirement to belong to a Scheme) Regulations 2019.
	Subsection (2) clarifies that the definition of client money does not include any money that has already been protected through a Government approved tenancy deposit scheme.
	Subsection (3) provides that property agents will not be required to ensure that their membership of a client money protection scheme results in a level of compensation being available which is no less than the maximum amount of client money that the agent may from time to time hold. Instead, property agents will be required to belong to an approved client money protection scheme, which under section 22, would need to hold a level of insurance that is proportionate to the risk of client money being lost.
	Subsection (4) clarifies that the requirement on property agents to display a certificate with information about their client money protection scheme membership only applies if the scheme administrator had provided such a certificate.