From 1 April 2019, agents managing properties in England have had to belong to a Client Money Protection scheme. ARLA Propertymark members have chosen to be regulated and have gone on to successfully campaign for all letting agents to be compelled to belong to a Client Money Protection scheme so that all landlords and tenants benefit from financial safeguards.
Make sure you ask to see evidence of your letting agent’s Client Money Protection scheme membership.
If your agent offers Propertymark Protection, independent checks will be made regularly on your agents’ finances and you will be covered by our reimbursement scheme in the event that anything goes wrong.
Other agents are only now being pulled into line with ARLA Propertymark agents.
Rogue letting agent Manish Manek was found guilty of 17 counts of theft involving tenants’ deposits and rent owed to landlords. He stole £47,000 before fleeing the UK in October 2012. A police investigation found that Manek had been putting tenant deposits and rent into his personal account. He was finally arrested and sentenced to jail leaving landlords and tenants out of pocket. His victims never saw their money returned.
If a letting agent is not covered by Client Money Protection, both landlords and tenants can lose their money.
You wouldn’t book a holiday which was not protected, don’t trust your property to an agent who does not offer Client Money Protection.