Letting agents set to remind consumers about client money protection

Next week letting agents across the country will be taking part in the fifth annual SAFEagent Awareness Week.

The event aims to remind consumers that their finances could be at risk if their chosen agent does not have client money protection (CMP) in place.

CMP protects rent and deposits held by agents and offers landlords and tenants the opportunity to recover funds if an agent misappropriates their money.

SAFEagent says that at least one in five tenants and landlords' funds aren't protected.

A YouGov poll, commissioned by SAFEagent, found that 61% of renters incorrectly believe that their money is protected by law. 

What's more, only 25% of those surveyed said they had heard of client money protection schemes.

SAFEagent has been campaigning for full and mandatory CMP and is positive about amendments made to the Housing and Planning Bill in April.  

The organisation says that although the issue is now on the government's agenda, many consumers are still at risk.

"Consumers who use agents without CMP in place are taking a massive risk," says John Midgley, chair of the SAFEagent Steering Group. 

“Would you use a travel agency who isn’t ABTA protected? Who can afford to lose thousands of pounds?"

“While we are finally getting closer to mandatory CMP, we aren’t there yet,” he says.

The SAFEagent Steering Group comprises agents such as Northwood, Belvoir, Foxtons, Countrywide, Winkworth and Savills. 

SAFEagent Awareness Week runs from Monday June 6 – Friday June 10.

*If you're doing anything to mark SAFEagent Awareness Week, please let us know on press@lettingagenttoday.co.uk.