Consultation into making CMP mandatory for letting agents launched by Government
A review into Client Money Protection (CMP) and whether it should be made mandatory for letting agents has been launched by the Government.
Should a decision be taken to proceed with such an action then mandatory CMP could be added into the Housing and Planning Act 2016.
It is clear however, from the consultation document from the Department for Communities and Local Government, that the Government would prefer not to make CMP mandatory. The document states, “The Government’s concern about making CMP mandatory is that requiring agents to pay to belong to a scheme would force honest agents to buy insurance against themselves being fraudulent. Something the vast majority of agents are not.”
Full story available from Property Industry Eye: http://www.propertyindustryeye.com/government-launches-consultation-into-making-cmp-mandatory-for-letting-agents/