Client Money Protection takes step closer

Agents will have to undergo criminal checks to remain in business
An amendment to the Housing and Planning Bill was added yesterday that prevents letting agents from taking money from tenants unless they hold separate client money accounts. The addition to the Bill took place during the report stage in the House of Lords. Although the amendment falls short of mandatory provision for Client Money Protection (CMP), it is being seen as an ‘enabler’ allowing the Government to review the need for a mandatory measure. This review could be as early as the next couple of months.
Full story available from Property Industry Eye: http://www.propertyindustryeye.com/at-last/

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