Client Money Protection Update
It’s been quite a hot topic of late but of course overshadowed in the news by somewhat more pressing political matters!
However it is great news that from 1st April 2019 all letting agents must hold Client Money Protection (CMP) cover. This covers landlords and tenants should an agent ‘misappropriate’ their rent or deposit – in other words steal it.
We’ve had this cover for decades but amazingly it was a voluntary scheme and there have been a number of high profile cases where agents have used client’s money to fund their business or even a lavish lifestyle. After April, anyone operating and not within the scheme could be liable for a fine of up to £30,000.
You can check our credentials at www.propertymark.co.uk/#find-an-expert
We have long agreed with abiding by Propertymark’s strict Client Money Handling Procedures and you can read more at www.propertymark.co.uk/working-in-the-industry/member-requirements
A paper copy is available in our office free of charge if required.
If you have any questions please get in touch.