Recent movements in the client money protection market make the product available for the first time, whether or not they belong to a recognised trade body or not. Previously tenants and landlords had to look for recognised industry bodies such as ARLA , UKALA or RICS.
The management team behind Total landlord Insurance and tenancy deposit scheme, Mydeposits, launched CM Protect.
The sole purpose is to provide Client Money Protection insurance to letting agents who are not members of a recognised trade body or association yet wish to act responsibly.
Until now, belonging to one of these bodies was the only way for clients of letting agents to benefit from such protection. There has been a damaging impact from unscrupulous individuals setting up, going bust and taking their clients money with them.
William Taylor, Director at Martin & Co Huddersfield (Huddersfield Letting Agent, Huddersfield Estate Agent & Huddersfield Property Management) said “there is absolutely no reason now for any letting agent to not have CMP in place. My advice is still to work with an agent that has industry recognized trade bodies and CMP.”