From 27 May 2015, all lettings and management firms are required to display whether, or not, they are part of a Client Money Protection (CMP) Scheme, along with showing their fees and charges to landlords and tenants. This is in addition to new legislation that was introduced last year making it a legal requirement for all lettings agents and property managers in England from 1st October 2014 to join 1 of 3 government approved redress schemes.
What is a Client Money Protection (CMP) Scheme?
A CMP Scheme protects your money if an agent were to abscond with a landlord or tenant's money.
Without CMP in place, there would be little chance of retrieving those funds.
Am I protected using Foxtons?
Yes, Foxtons is proud to be a founding member of SAFEagent which is part of the CMP Scheme.
In fact, Foxtons has also been a voluntary member of The Property Ombudsman Scheme since 2007, as well as other leading governing bodies giving you addition peace of mind.
SAFEagent Awareness Week
Over 3,000 professional lettings agents unite across the UK this week, to drive awareness amongst landlords and tenants of the importance of choosing a lettings and management agent who is part of a CMP Scheme.
Agents, consumer bodies (Citizens Advice Bureau, The Property Ombudsman, Ombudsman Services: Property, My Deposits, TDS and DPS) and the wider property community come together to support this campaign. In addition, the Government has also given its support to SAFEagent Awareness Week since its launch in 2011.
John Midgley, Chair of the SAFEagent Steering Group, says: 'There are still too many people who are not aware of the potential pitfalls of choosing an agent who doesn't have CMP. It is important that tenants and landlords understand that the right to redress only goes so far, and they need to choose wisely by asking a few simple questions. It can make all the difference'.
Your money is at risk if you don't use an agent who is part of a CMPS (Client Money Protection Scheme).Foxtons Lettings & Property Management team can assist both new landlords as well as experienced landlords with vast portfolios.
