Client Money Protection
Posted on 31st March 2019 at 22:21
April 1st 2019 - it may be April Fool's day but this is no joke. Up until today Letting Agents have been able to operate without providing any kind of financial protection for their Landlords and Tenants. When you think how much client money can be passing through a Letting Agent's account on a monthly basis it really is quite scandalous that this has been allowed to continue for so long. Whilst the vast majority of Letting Agents have acted responsibly and have had Client Money Protection in place for some time as indeed we have , there has always been opportunities for individual company owners or employees to abuse their position of trust and pilfer client money. So with effect from 1st April every Letting Agent is required to be a member of a Government approved Client Money Protection Scheme which will give financial protection to Landlords and Tenants alike.
Crowe Property belongs to a professional body called the United Kingdom Association of Letting Agents (UKALA) which is aligned to the National Landlords Association. As members of UKALA we are also members of their approved Total Loss Client Money Protection scheme.
We are also members of the SafeAgent Scheme providing reassurance to Landlords and Tenants that their money is in safe hands.
If you would like any further information on the Total Loss Client Money Protection Scheme please contact us.