Date Published 28 March 2017
Government had been considering whether they should take action to make client money protection (CMP) mandatory for all letting agents.
Today, the Government has announced measures to make Client Money Protection (CMP) mandatory for all letting agents across England.
This is great news because CMP protects both landlords and tenants from the agent misplacing their money; offering an extra security to the landlords as well as tenants in the letting process.
Letting industry has become increasingly regulated over the years and we, at Distinct Estate Agents, are very pleased to see changes like this one as it helps eliminate rogue agents and landlords from the market.
ARLA Propertymark has played an integral part in the implementation of this new policy.
ARLA Propertymark requires for the agents to be audited and their CMP checked regularly.
David Cox, Chief Executive, ARLA Propertymark commented on news yesterday:
'We welcome the review of CMP undertaken by Baroness Hayter and Lord Palmer, and wholeheartedly agree with their recommendation to mandate CMP for all letting agents. We look forward to the Government's response to Baroness Hayter's parliamentary question tomorrow afternoon and hope to see the Government take forward ARLA Propertymark's campaign to improve the industry by safeguarding landlord and tenants' money through mandatory CMP.'
If you are looking for a letting agent, do look for one that is ARLA Propertymark licenced as you will be guaranteed such an agent has got the client money protection in the place. Or make it easier for yourself, call us, at Distinct Estate Agents on 01295 234 750. We are ARLA Propertymark licenced agent , with CMP and with 5* customer reviews.