The Government has finally announced measures to make Client Money Protection (CMP) mandatory for all letting agents across England.
What is Client Money Protection?
Client Money Protection (CMP) schemes protect the money of landlords and tenants in the event of a letting or property agent going into administration and against theft or misappropriation by the agent whilst it is in their custody or control.
These monies are frequently tenants’ deposits and landlords’ rental payments but can also include monies held for repairs and maintenance to the property.
The formal backing was announced by Whitehall on 28th March 2017, Baroness Hayter, who chairs the working group, said: “The evidence was overwhelming…We are therefore delighted that the Government has accepted our recommendation as it will ensure tenants and landlords alike are provided with extra security in the lettings process.”
The news was also greeted with relief by David Cox, chief executive of ARLA Propertymark: “It’s a campaign that’s taken over two years to come to fruition and is a clear step forward towards a more regulated industry; akin to others such as solicitors or travel agents. CMP safeguards landlords and tenants in the event that agents misappropriate their money. With the ban on letting agent fees on the horizon, this is more important than ever before” he says.
Phillips George protects your interests
As an ARLA Propertymark Protected agent, Phillips George sales & lettings can guarantee both Landlords’ and Tenants’ monies are protected as we are a member of the National Federation of Property Professionals Client Money Protection Scheme and are regulated by the Property Ombudsman Scheme.
You can be assured of a professional service and be confident that we will manage your investment in your best interests.
You can be reassured that maintenance issues will be dealt with promptly and your tenancy will run smoothly.
For further advice and guidance please call us on 0116 216 8178 or email [email protected]