The Client Money Protection Schemes for Property Agents (Approval and Designation of Schemes) Regulations 2018

EXPLANATORY NOTE

(This note is not part of the Regulations)

Section 134 of the Housing and Planning Act 2016 provides that the Secretary of State may by regulations make provision about the approval or designation of client money protection schemes for the purposes of regulations under section 133 of that Act that require a property agent to be a member of an approved or designated government administered client money protection scheme.

Regulation 3 gives the Secretary of State power to approve a client money protection scheme and sets out the procedure that applies to applications for approval of a scheme.

Regulation 4 provides for the approval of an amendment to an approved scheme.

Regulation 5 sets out the conditions that must be satisfied before approval is given.

Regulation 6 gives the Secretary of State power to designate a government administered client money protection scheme. It also provides for the amendment of a designated scheme.

Regulation 7 provides that in considering whether to approve or designate a scheme the Secretary of State may have regard to the number of other approved or designated schemes.

Regulation 8 sets out the conditions with which scheme administrators must comply.

Regulation 9 gives the Secretary of State power to withdraw the approval or revoke the designation of a scheme and sets out the procedures that are to apply if that happens.

A full impact assessment of the effect that this instrument will have on the costs of business, the voluntary sector and the public sector is available in pdf format at www.gov.uk or in hard copy from the Ministry of Housing, Communities and Local Government, Fry Building, 2 Marsham Street, London SW1P 4DF.