Whether letting or renting a property, make sure your money is SAFE!
Belvoir Telford is registered with the Propertymark campaign and associated with other likeminded agents who want to offer consumers the financial protection they deserve as well as peace of mind through knowing that their money is protected through a CMP scheme.
It's A Legal Requirement
From 27 May 2015, under the requirements set out in the Consumer Rights Act, it became compulsory for lettings and management agents to display in their offices and on their website whether or not they are part of a Client Money Protection Scheme so it is important that you check whether they can offer you that peace of mind in knowing that your money is protected.
In addition to the peace of mind it brings when you see the Propertymark logo, any agent registered with Propertymark must be part of a regulatory organisation in the Private Rented Sector ensuring that they meet defined standards of customer service and client accounting practices.
Importantant Note For Tenants
Client Money Protection (CMP) is separate to statutory deposit protection. As a tenant it is important that you find out from your agent where your deposit is protected if they are dealing with this. You should then verify with the relevant deposit scheme that the deposit is protected properly. If the landlord is handling the deposit protection be sure you find out this information from your landlord.
Commenting on the news, John Midgley, Chair of Propertymark said:
“It’s been a long road to mandatory client money protection (CMP) for all agents, but we’re delighted our hard work paid off and we’re finally here. The many Propertymarks who joined the campaign and really pushed for this law were instrumental in making it a reality.
“This new law is huge win for the consumer, as mandatory CMP will ensure tenants’ and landlords’ money is safe. Despite this great news, it’s important to remind all consumers that although regulations have been laid, they won’t be law until April 2019. That means their money is still at risk if their chosen agent does not have client money protection. To stay safe, choose a professional agent who is already part of a CMP scheme run by a regulatory organisation.”
