Good afternoon folks,
So, fresh from our recent visit to yesterday's ARLA conference at the Xcel in London, I bring you all some truly wonderful news regarding the latest government announcement relating to Client Money Protection in the UK......
PRESS RELEASE: David Cox, Chief Executive, ARLA Propertymark comments on today’s announcement that the Government will be introducing compulsory client money protection (CMP) for all letting agents:
"The Government has finally accepted ARLA Propertymark’s calls for mandatory CMP. This is an argument we have been making for some time alongside Baroness Hayter and Lord Palmer. Working together we have managed to convince the Government of the merit of compulsory CMP. It’s a campaign that’s taken over two years to come to fruition and is a clear step forward towards a more regulated industry; akin to others such as solicitors or travel agents. CMP safeguards landlords and tenants in the event that agents misappropriate their money. With the ban on letting agent fees on the horizon, this is more important than ever before, so we are very pleased the Government has agreed to take it forward.
“We welcome the review of CMP undertaken by Baroness Hayter and Lord Palmer, and wholeheartedly agree with their recommendation to mandate CMP for all letting agents. We look forward to the Government’s response to Baroness Hayter’s parliamentary question tomorrow afternoon and hope to see the Government take forward ARLA Propertymark’s campaign to improve the industry by safeguarding landlord and tenants’ money through mandatory CMP.”
Baroness Hayter, said:
“The working group, chaired by Lord Palmer and myself, looked carefully at whether CMP should be mandatory for all agents handling client money. The evidence was overwhelming, and we recommended the government use its reserve powers to implement this. We are therefore delighted that the Government has accepted our recommendation as it will ensure tenants and landlords alike are provided with extra security in the lettings process. May I also extend special thanks to ARLA Propertymark for its role in marshalling the industry to back the measure and for providing the working group with real ‘on the ground’ evidence for why mandatory CMP is so desperately needed.”
In short this new measure will take a very significant step towards flushing out rogue agencies in our market looking to side step important landlord and tenant issues particularly ignoring the principle concern of ensuring their money is safe.
You will of course be reassured to know that we have been operating under client money protection for many years, recognizing its importance to our clients and significance to our standing as a leading agent in the Oxford market.
With us you are safe already!
For more on this please feel free to call me for a chat.
Richard
“We welcome the review of CMP undertaken by Baroness Hayter and Lord Palmer, and wholeheartedly agree with their recommendation to mandate CMP for all letting agents. We look forward to the Government’s response to Baroness Hayter’s parliamentary question tomorrow afternoon and hope to see the Government take forward ARLA Propertymark’s campaign to improve the industry by safeguarding landlord and tenants’ money through mandatory CMP.”
Baroness Hayter, said:
“The working group, chaired by Lord Palmer and myself, looked carefully at whether CMP should be mandatory for all agents handling client money. The evidence was overwhelming, and we recommended the government use its reserve powers to implement this. We are therefore delighted that the Government has accepted our recommendation as it will ensure tenants and landlords alike are provided with extra security in the lettings process. May I also extend special thanks to ARLA Propertymark for its role in marshalling the industry to back the measure and for providing the working group with real ‘on the ground’ evidence for why mandatory CMP is so desperately needed.”
In short this new measure will take a very significant step towards flushing out rogue agencies in our market looking to side step important landlord and tenant issues particularly ignoring the principle concern of ensuring their money is safe.
You will of course be reassured to know that we have been operating under client money protection for many years, recognizing its importance to our clients and significance to our standing as a leading agent in the Oxford market.
With us you are safe already!
For more on this please feel free to call me for a chat.
Richard
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