Client Money Protection now mandatory
How letting agents and property managers look after tenants' money is changing, as the Government is making Client Money Protection mandatory.
Here at The Robinson Jackson Group we are already members of The Tenancy Deposit Scheme - a Government-approved deposit protection service for landlords, agents and tenants. This custodial service holds a tenant's deposit securely until the end of the tenancy, and releases the funds in accordance to official instruction from the landlord or letting agent at check out, ensuring the money is safe and not misused in any way.
The announcement has been made, in part, thanks to a pressure campaign by SAFEagent - of which The Robinson Jackson Group is also a member. SAFEagent is a voluntary body that letting agents can only join if they offer Client Money Protection. Membership qualifies the agent to display the SAFEagent logo in their window and in brochures - an outward sign for tenants looking for a reliable agency.
"Keeping tenants and their money safe has always been a top priority of ours," says The Robinson Jackson Group's lettings specialist, Debbie Pennell. "We're already members of SAFEagent and use The Tenancy Deposit Scheme to safeguard any money we hold on behalf of tenants. We are aware, however, that not every agent shares our level of diligence regarding monies held so we are pleased the Government is making Client Money Protection a mandatory requirement. The Robinson Jackson Group's lettings department has been part of the drive to improve standards in the lettings industry for many years, and we look forward to the improved protection for tenants that this announcement will bring."