Last week, Government announced that it intends to make Client Money Protection (CMP) mandatory for all letting agents.
Safeagent has campaigned for the last 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.
Let Leeds, 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.
Glynis Frew, Acting Chair of the Safeagent Steering Group, says:
“We did it! For all of those SAFEagents who have carried the banner for consumer protection – the Government has finally taken on board our call for all agents to be part of a Client Money Protection Scheme.
“It’s wonderful news that Government will make CMP mandatory, but it isn’t in place yet. That means both landlords and tenants are still at risk of losing money. It is so important that consumers understand that they need to choose their agent wisely by asking if they are part of a CMP scheme before entering into a contract with them.”
This May, 3,000 professional lettings firms will unite for Safeagent Awareness Week 15-19 May 2017 – continuing to highlight to consumers the importance of choosing an agent who is part of a Client Money Protection (CMP) Scheme run by an agent regulatory body or trade association.
Luke Gidney, MD of Let Leeds commented that
“Tenants and Landlords should always look for the SAFEagent logo, an easily identifiable consumer mark denoting agents subscribed to a Client Money Protection (CMP) Scheme.”
Go to www.safeagents.co.uk to find a Safeagent in your area.
Let Leeds is a fully endorsed Safeagent, protecting landlords and tenants through CMP. To find out more about the ways we provide support and peace of mind to landlords and tenants call our helpful team on 0113 320 2000.
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