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One step closer for mandatory Client Money Protection

Wednesday 01 November 2017

Measures to make Client Money Protection (CMP) mandatory for all letting agents in England have moved closer with the launch of a consultation inviting views and comments on how the rules should be designed, implemented and enforced.

Following the announcement made during ARLA Conference this year, we are pleased to see that the Government is moving forward. After years of lobbying and a successful campaign alongside Baroness Hayter in the House of Lords, we have finally convinced the Government of the need for change.

While Propertymark members are already required to have CMP, this new measure will offer greater protection to consumers, improve the reputation of the sector and bring all agents up to the professional standards that we represent.

The consultation runs until 13 December 2017 and there are nine key questions. The questions ask about minimum levels of cover, the impact on the size of different businesses, whether Trading Standards should enforce the rules and penalties for non-compliance.

We would urge members to respond to the consultation in order to highlight the importance of this essential measure being extended across the whole of industry.

It is important to advise clients that you are already on board with CMP and that others agents are just catching up. An easy way to do this is to ensure you are displaying the Propertymark logo on your website and in branch. Email publications@propertymark.co.uk to make sure you have the new logo in the right format.