22 Client money protection schemes: approval and designation
Tenant Fees Act 2019 (2019 c 4) | Legislation

22  Client money protection schemes: approval and designation

(1)     The Client Money Protection Schemes for Property Agents (Approval and Designation of Schemes) Regulations 2018 (SI 2018/751) are amended as follows.

(2)     In regulation 2 (interpretation), in the definition of “client money”—

(a)     in paragraph (a), for “agency”, in the second place it occurs, substitute “management”, and

(b)     at the end of paragraph (b) insert “,

(3)     In regulation 4 (amendments to an approved scheme), after paragraph (3) insert—

“(4)     This regulation does not apply to an amendment made in accordance with a notice served under regulation 8(1D)(b).”

(4)     In regulation 5 (conditions which must be satisfied before approval may be given)—

(a)     in paragraph (1)(a)(iii), for “and without any deduction” substitute “, subject to paragraph (1A)”,

(b)     in paragraph (1)(c)(i), for “administration of the scheme” substitute “failure of scheme members to account for client money to persons entitled to that money”,

(c)     after paragraph (1) insert—

“(1A)     The Secretary of State may determine that the condition in paragraph (1)(a)(iii) is satisfied where the rules of the scheme have the effect that the scheme administrator is required to make good M's liability—

(a)     only up to such amount as

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