Thu 01 Apr 2021
The Government's grace period for the mandatory requirement for letting agents to hold landlord and tenant money within a client bank account as part of Client Money Protection Regulations became law today, the 1st April 2021.
Agents failing to administer client money through a segregated client account will be found to be trading illegally and face expulsion from their Client Money Protection Schemes.
Paula Cunningham Co-Director of Living Property states, “Since we opened for business nearly 14 years ago we recognised the importance of operating a regulated business in a trusted fashion and this is why we joined the Government's National Approved Lettings Scheme, which in recent years rebranded to ‘SafeAgent’.”
“Our SafeAgent accreditation requires our accounts to be independently reviewed and certified annually by a Chartered Accountant and for all client monies to be handled via an insured client account. Whilst this adds sizable operating costs to Living Property it does mean that our many hundreds of landlords and tenants have valuable peace-of-mind and security against loss.”
Landlords and tenants should not assume that their agent is compliant with Client Money Protection Regulations and its recommended that agents are asked which accreditation scheme they belong to, the two main ones being SafeAgent and ARLA PropertyMark.
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