A further advancement in the client money protection market is due to launch and is available to agents that are not part of a recognized body, for example NAEA, ARLA or UKALA. The only requirement is to be a part of the ombudsman scheme, TPO. TPO advises to have client money protection, but only enforces that their members have professional indemnity insurance.
The product aims to combine both Client Money Protection and Professional Indemnity Insurance, although an option just for PI is also available.
PSR Insurance Brokers launched the product and aims to keep up with CM Protect, its main rival in regards to client money protection. Until the launch of these new schemes the only way to gain client money protection was to be a part of ARLA, RICS, NALS or UKALA.
These launches are put forward ahead of the implementation of new rules that make it mandatory for letting agents to belong to an approved, by the government, redress scheme.
Martin & CO Huddersfield (Letting Agent Huddersfield, Estate Agent Huddersfield and Property Management Huddersfield) Director, William Taylor, said “I am hopeful more than ever that we are on the road to ridding our industry of the rogues. My concern is that while the issue is highly discussed, it is only by the people in the industry and the wider general public are not aware of what they should be looking for in an agent! The public, both landlords and tenants, need clear information and guidelines as to what to look for in a letting agent.”