Research carried out by YouGov on behalf of SAFEagent found that in London 60 per cent of renters incorrectly believed their money was protected by law, while only 27 per cent of London renters had even heard of client money protection (CMP).
While SAFEagent believe we are finally getting closer to mandatory CMP, we aren’t there yet. It’s vital that tenants and landlords understand that the right to redress only goes so far, and they need to choose their agent wisely by asking if they are part of a CMP scheme before signing on the dotted line.
Consumers should always look for the SAFEagent logo, an easily identifiable consumer mark denoting agents subscribed to a Client Money Protection (CMP) Scheme, or go to www.safeagents.co.uk to check their agent has CMP in place.
Adding his voice to this year’s SAFEagent Awareness Week, the Deputy Mayor of London, James Murray, said:
“Londoners already face serious difficulties in the capital’s overheated housing market without the added fear of unfairly losing their money. The Mayor believes tenants and landlords should be better protected, and welcomes legislation which increases security for all parties.”
SAFEagent – Safe Agent Fully Endorsed – is a reliable mark denoting firms that protect landlords and tenants money through Client Money Protection schemes. Set up ‘by the industry, for the industry’ and recognised by the Government, it is supported by Citizens Advice Bureaux, The Property Ombudsman, Ombudsman Services:Property, the Property Redress Scheme, My Deposits, TDS and DPS as well as industry suppliers such as Endsleigh.
All agents registered with SAFEagent are part of regulatory organisations/accreditation schemes in the Private Rented Sector and Client Money Protection Schemes which reimburse consumers in the event of misappropriation of clients’ funds. There are several schemes in the sector operated by NALS, ARLA, the Law Society, RICS and UKALA to which agents voluntarily belong. The scope of these schemes varies and consumers should contact their agent for full details of the scheme of which they are a part.
The SAFEagent Steering Group comprises:
Northwood; Belvoir; Foxtons; Touchstone; Winkworth; Hunters, Spicerhaart, Sequence, Connells, Countrywide, Leaders and Savills.