Commenting on the publication of the Client Money Protection Review, Isobel Thomson, CEO, NALS, said:
“There is now clear support across the private-rented sector for mandatory Client Money Protection and we fully endorse the Review’s findings that a coherent implementation is now necessary.
“The Review concludes that agents will not have to source their CMP from agent professional bodies, but this carries the risk that CMP from a plethora of sources could further confuse tenants. That is why NALS has always supported the SAFEagent campaign which offers a single easily identifiable mark for consumers.
“We are in real danger of a ‘piecemeal’ approach if mandatory CMP regulations are not considered alongside the forthcoming ban on letting agent fees. Both proposals will have a significant impact on the market, so we need Government to be thinking in the interests of all in the sector – landlords, agents and tenants before they act and set it within a framework of regulation for all agents.”
To read the review in full, click here https://www.gov.uk/government/consultations/client-money-protection-cmp-review