Client Money Protection compulsory as of today
As of 1st April 2019 all PRS letting agents are required to carry Client Money Protection (CMP) which safeguards Landlords and tenants against an agent going into liquidation or absconding with rental payments, deposit or other client funds.
A fine of £30,000 can now be imposed upon any agent not found to be a member of a government approved CMP scheme.
David Cox, Chief Executive, ARLA Propertymark said: “CMP has always been mandatory for Propertymark members, but when it becomes a requirement on 1st April, all letting agents will be operating on a level playing field and consumers will be protected regardless of which agent they choose. This is a triumph for the industry, and will go a long way towards improving the regulatory environment in the lettings sector and increasing protection for consumers who rely on agents to handle their money safely. Having worked closely with MHCLG to get this into law, we’re really pleased that our scheme has secured formal Government Approval.”
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Am I in HMO territory?
Member Since June 2014 - Comments: 7
12:45 PM, 1st April 2019, About 7 years ago
Does this apply in Wales as well?
Too late for me me anyway. Just4Let ran off with my money and a lot of others Landlords’
Member Since May 2016 - Comments: 1580 - Articles: 16
1:21 PM, 1st April 2019, About 7 years ago
CMP Only applies to England ( at the moment ! )
Member Since July 2013 - Comments: 1266 - Articles: 1
11:19 AM, 7th April 2019, About 7 years ago
Does anyone know if this applies to self-managed blocks?
Member Since May 2016 - Comments: 1580 - Articles: 16
11:24 AM, 7th April 2019, About 7 years ago
Reply to the comment left by jguy at 01/04/2019 – 12:45
Interesting, as I rent properties in Wales, but not the Barry area.
Have you reported to Trading Standards and Action Fraud ?
Member Since June 2014 - Comments: 7
2:05 AM, 8th April 2019, About 7 years ago
Reply to the comment left by Chris Daniel at 01/04/2019 – 13:21
Thanks for letting me know
Member Since June 2014 - Comments: 7
2:09 AM, 8th April 2019, About 7 years ago
Reply to the comment left by Chris Daniel at 07/04/2019 – 11:24
Yes 2.5 years ago. The only advice is to go through the Small Claims Court which I will when I finally get time to follow through
Member Since May 2016 - Comments: 1580 - Articles: 16
7:13 AM, 8th April 2019, About 7 years ago
Reporting is only option, as a Ltd company will just close down.
Member Since June 2014 - Comments: 7
11:48 AM, 8th April 2019, About 7 years ago
Reply to the comment left by Chris Daniel at 08/04/2019 – 07:13
Yes but although they had a similarly LTD registered company name He operated under a sole proprietorship and put the money via that route so there is the possibility of going down the small route
Member Since October 2013 - Comments: 26
3:47 PM, 7th November 2019, About 6 years ago
Hi
Can anyone recommend a company other than Money Shield for client money protection, they have quoted £400 for the year, I only look after 45 properties … thanks