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Make Client Money Protection compulsory for all letting agents.

Submitted on Tuesday 24th November 2015

Published on Thursday 26th November 2015

Current status: Closed

Closed: Thursday 26th May 2016

Signatures: 1,380

Tagged with

Money

Petition Action

Make Client Money Protection compulsory for all letting agents.

Petition Details

It is estimated that some £2.7 billion of tenant and landlord money is held by lettings agents. This money is at risk of loss or misappropriation as there is currently no compulsory requirement for letting agents to belong to a Client Money Protection (CMP) insurance scheme.

Additional Information

Property-related bodies, including ARLA, Shelter, NALS, RICS, NAEA, National Landlords Association, Residential Landlords Association, SAFEagent, The Property Ombudsman and Ombudsman Services, say that to protect the consumer, CMP should be compulsory for all letting agents. The small additional cost to business of CMP is vastly outweighed by the protection it offers consumers. The Housing Bill 2015 provides the opportunity to put the measure in place and a suitable amendment has been proposed.


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