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
Make Client Money Protection compulsory for all letting agents.
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.
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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