An estimated 20 per cent of letting agents are still not signed up to a Client Money Protection scheme despite it being made a legal requirement in April.
NTSELAT is working with local authorities and the six approved CMP providers to spot those who have not signed up as well as those not displaying their chosen scheme by providing a step-by-step guide to the legalities and requirements of regulating letting agents.
Trading Standards Officers have the enforcement to impose fines of up to £5,000 for any firm that fails to display this information.
We act as the lead enforcement authority for the Tenant Fees Act.
The team is working with the approved CMP schemes and local authorities to ensure that agents who are required to belong to a scheme are correctly registered with one of the six approved schemes.
We have arrangements with local authorities to refer cases for enforcement, and a backstop arrangement where we will take action in cases where a local authority cannot.
With the support of the schemes, we are also proactively monitoring websites to ensure agents are clearly displaying their membership.”
Client Money Protection
By becoming an ARLA Propertymark member not only will you receive guidance throughout every step of change in the industry and be recognised for your professionalism, but you’ll receive Client Money Protection as part of your membership bundle – as well as many more perks.
If you just require Client Money Protection visit the Money Shield website.
