Mandatory Client Money Protection moves a step closer
Numerous cases of letting agents making off with clients’ money have been documented over the years, and to many, it seems scandalous that letting agents who handle large sums of money on behalf of other are not subject regulation as is the case with estate agents. Now it seems, that the introduction of mandatory Client Money Protection may be on the horizon. On the request of the Public Bill Committee, to whom he gave evidence earlier this month, ARLA managing director David Cox has submitted an amendment to the Housing and Planning Bill 2015 to Parliament, making it illegal for letting agents to accept money from another person, in the course of lettings agency work, unless they have CMP. The amendment is backed by a broad coalition of 27 organisations including letting agents, homeless charities, landlord bodies, deposit protection and redress schemes, and law firms.
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