You may recall an article we published in 2016, referring to the need for all letting agents to subscribe to a Client Money Protection (CMP) scheme and the case of Coalville and Measham agent, having their doors closed whilst owing many thousands of pounds to their clients.
Whilst attending the ARLA (Association of Residential Letting Agents) conference last year, we heard Baroness Hayter, the Shadow Brexit Minister announce that the Government would be making CMP mandatory. Having chosen to be ARLA members since 2013 and therefore holding this important insurance, we were delighted to hear the rest of the market will also be required to carry CMP.
Almost a year on, this is still being processed through Parliament, but it is now anticipated it will come into force within the next couple of months.
However, not every provider of CMP provides an identifiable logo to make it easy for the general public to recognise its members. So, knowing your agent of choice is a professional agent who does it right and not a rogue high-risk agent, can be difficult.
The best way to know your agent is a member of such a scheme, ensuring your money is always safe, is by working with an ARLA Propertymark member agent.
Every ARLA member should display the ARLA logo:
You can be assured that every ARLA member agent automatically:
· Has CMP insurance
· Has experienced and trained professionals who are required to undertake regular training
· Are members of a Government approved independent redress scheme
· Keeps up to date with complex legislative changes and best practice
· Submits independently audited financial accounts to Propertymark annually
· Adheres to a nationally recognised Code of Practice
· Holds sufficient professional indemnity insurance
If you would like to find out more about how Howland Jones can work with you to maximise your profit and limit your risk, call Managing Director, Rebecca Howland MARLA on 01530 271313. “Property is my passion and my advice is free.”