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SAFEagent, the Kitemark scheme for letting agents, has written to, Alok Sharma MP, the housing minister, reminding him of government plans to make Client Money Protection (CMP) insurance compulsory for letting agents.
This is part forms part of the commitments to regulate the lettings and management industry and SAFEagent are asking that CMP forms a compulsory part of any new regulations.
Whilst nearly all good agents do currently carry CMP insurance to safe guard landlord’s deposit and rental monies Property118 still regularly receives readers questions asking for help when more unprofessional agents go bust and haven’t paid on monies owed.
John Midgley, chair of the SAFEagent Steering Group said: “Since we launched SAFEagent in 2011, we’ve been raising awareness among consumers that any agents they engage with should be part of a CMP scheme. This is a really important part of protecting tenants and landlords.
“We welcome the Government’s announcement that it intends to introduce regulation to the lettings and management sector. But this move shouldn’t be to the detriment of the good work it’s done moving towards mandatory CMP.
“While most agents run good, professional businesses, there are still instances where rogue agents misappropriate clients’ funds. If they are not part of a CMP scheme, there is no recourse for those clients. Therefore, we’re urging the Government to move forward with the consultation on the implementation and enforcement of CMP at the earliest opportunity.”
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