City Lettings supports new Government measures on Client Money Protection
This week, Government announced that it intends to make Client Money Protection (CMP) mandatory for all letting agents. SAFEagent have campaigned for six years for this decision, which will protect consumers by ensuring all agents holding rent money and deposits must protect it in a CMP Scheme.
City Lettings, a professional letting agent with CMP already in place, is delighted at the decision, but is reminding consumers that mandatory CMP is not yet law, and their finances are at risk if their chosen agent does not have client money protection.
The market is huge, with an estimated £2.7 billion* held by letting agents in client accounts, but unfortunately there are still too many cases of criminal letting agents stealing landlord and tenant cash. This is why it is crucial that consumers check their agent is part of an agent regulatory organisation which already provides CMP.
The news was greeted with resounding applause at the ARLA Conference which coincidentally took place on the same day as the announcement. ARLA have been lobbying the government for the last two years and ARLA members for whom a CMP Scheme is compulsory will now see this become mandatory for all agents.
City Lettings are delighted at this news. All too often we see stories in the trade press and media regarding letting agents who have gone bankrupt or who have misappropriated tenant’s deposits. This will put a stop to this!
We have been members of a Client Money Protection Scheme since our inception in 2004 and this will not only raise the standards across the industry but create a more level playing field for letting agents.