- Professional Indemnity (PI) Insurance
- What is Client Money Protection (CMP) Insurance?
- Where can I obtain quotes for Client Money Protection (CMP) Insurance?
- How can consumers make a Client Money Protection (CMP) claim?
- Consumer Feedback
- Who are the DSC?
- Government Approval
- Audit Questionnaire
- Tenancy Deposit Protection
- England and Wales
- Northern Ireland
- Trading Standards Institute
- What are the benefits to the business?
- Using the TSI Logo
- For use on your website
1. Professional Indemnity (PI) Insurance
We will require a copy of your PI insurance schedule (normally 1-2 pages). Please ensure the limit of indemnity is no less than £100,000 and the excess is no more than £1000.
If your excess is more than £1,000 please ask your insurer to add TPO endorsement L1391 to your policy. If you are part of a firm of solicitors covered by PI insurance approved by the Law Society the endorsement is not necessary.
We require the insured name on the policy to match your name as listed on companies house (where appilcable).
Please Note: Professional Indemnity insurance is not the same as Employers Liability or Public Liability insurance.
2. What is Client Money Protection (CMP) insurance?
This is only relevant to agents who deal in residential lettings. CMP insurance reimburses tenants or landlords where their rental monies or deposits have been misappropriated by the letting agent.
2.1. Where can I obtain quotes for CMP?
If you are a member of the Association of Residential Letting Agents (ARLA), Royal Institution of Chartered Surveyors (RICS), the UK Association of Letting Agents (UKALA) or the National Approved Letting Scheme (NALS) you should already be part of a Client Money Protection Scheme.
If you are not a member of any of the above organisations, CMP insurance can be obtained directly from the following provider:
- Lonsdale Insurance Brokers *
*Please note: Lonsdale Insurance Brokers offer a combined Professional Indemnity (PI) and CMP policy however for agents that are unable to cancel their existing PI cover Lonsdale can offer CMP only until their PI is due for renewal.
2.2. How can consumers make a Client Money Protection (CMP) claim?
Please visit the Consumer FAQ page.
3. Consumer Feedback
Consumers can provide feedback about all our members via 'My Local Services', you can do this by going to either of the following websites, www.tradingstandards.gov.uk or www.mylocalservices.co.uk and finding the branch in question and leaving a review. Any feedback left will be visible on all websites and will be monitored by TPO.
4. Disciplinary and Standards Committee (DSC)
The DSC was established by the TPO Council to deal with the small number of members who breach the relevant Codes of Practice and/or fail to meet their obligations as TPO members in other ways. Read more
5. Government approval
TPO has been approved by the Department of Communities and Local Government and National Trading Standards Estate Agency Team to provide the mandatory redress scheme for estate agents, letting and residential leasehold (block) management agents.
The Consumers, Estate Agents and Redress Act 2007 came into force on 1 October 2008, requiring all estate agents (UK only) to register with an approved redress scheme.
The Enterprise and Regulatory Reform Act 2013 came into force on 1 October 2014, requiring all letting agent and property managers (England only) to register with an approved redress scheme.
For definition of letting agent and property managers click here.
6. Audit Questionnaire
Member agents are chosen using a random selection process and, if selected, are sent notification from TPO of their inclusion.
We have tried to keep the audit as simple as possible, but we will require members to submit evidence showing compliance to the Codes of Practice. Although it is mandatory for members to take part if they are selected, we are aware that there are exceptions, so if you have any queries regarding the audit at any time you can contact the Compliance Team on 01722 335458 opt 3.
7. Tenancy Deposit Protection Scheme
By law any deposit taken in relation to most tenancies must be protected via a government approved deposit protection scheme. The Tenancy Agreement should contain the relevant prescribed information about the deposit and its protection; you should advise both tenants and landlords what arrangements have been made to protect the deposit. It may be that the landlord is arranging protection, depending on the services the landlord has instructed you to provide.
7.1. England and Wales
This applies to deposits taken under assured shorthold tenancies.
This applies to deposits taken under short assured tenancies.
7.3. Northern Ireland
8. Trading Standards Institute
The Property Ombudsman's Codes of Practice for Residential Estate Agents and Residential Letting Agents have been approved by the Trading Standards Institute (TSI).
TSI operate the Consumer Codes Approval Scheme (CCAS) which is committed to promoting codes of practice that meet their core criteria and have obtained TSI approval.
8.1. What are the benefits to business?
- Members of an approved code can display the TSI approved code logo. This will help you promote your business as one that consumers can trust, giving you a commercial advantage over competitors
- By adhering to an approved code, your business can demonstrate a higher level of customer service and customer protection, such as a robust and legitimate customer complaints procedure and clear pre-contractual information. This will help you to attract and retain customers
- Being part of an approved code can help drive up customer standards within your sector and so raise consumer trust.
Members of an approved code will also have their business details shown on the TSI's website, and in addition will be displayed on the following two websites:
- My Local Services, who host and manage TSI's Consumer Code Online Directory
- Citizens Advice Bureau.
8.2. Using the TSI Logo
The TSI Logo is subject to specific conditions and applies to the Code of Practice for Residential Estate Agents and Residential Letting Agents.
The guidelines for its use can be accessed here:
8.3. For use on your website
The TSI logo is protected to ensure its security to prevent misuse by non member agents. Instructions on adding the TSI logo to your website can be found on pages 11- 12 of the TSI Approved Code Brand Guide Describing approval of TPO Code in other documents
If you wish to draw attention to our code being approved by TSI CCAS in other documents without using the logos you may do so by following the guidance found on page 9 of the TSI Approved Code Brand Guide.