Government announces CMP mandatory for Letting Agents
Posted on 03/04/2017 by Sulgrave Estates
Letting agents across the country will soon be required to protect rental monies through an approved Client Money Protection (CMP) Scheme following the recommendations made in a new Government report published this week.
ARLA Licensed Agents already have CMP Insurance as a mandatory requirement of membership and ALRA has long campaigned for this to be compulsory for all letting agents.
ARLA says “This is an argument we have been making for some time alongside Baroness Hayter and Lord Palmer. Working together we have managed to convince the Government of the merits of compulsory CMP. It’s a campaign that has taken over two years to come to fruition and is a clear step forward towards a more regulated industry, akin to others such as solicitors or travel agents. CMP safeguards landlords and tenants in the event that agents misappropriate their money. With the ban on letting agent’s fees to tenants on the horizon, this is more important than ever before, so we are very pleased that the Government has agreed to take it forward.”