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NALS CEO Talks CMP

8th March 2019

“There’s been a lot of discussion in the trade media over the past couple of weeks about Client Money Protection for letting and management agents, as the newly approved CMP schemes are announced and the deadline for mandatory CMP approaches on 1 April.

“NALS, a not for profit organisation, is proud to be one of the Government approved CMP scheme providers. We’re a tried and tested scheme with over 15 years’ experience under our belt, and it was NALS who spearheaded the campaign to make belonging to a CMP scheme a mandatory requirement through our support for the SAFEagent campaign.

“The Government stamp of approval means we can continue to offer agents inclusion under our CMP scheme, while ensuring landlord and tenants’ money is fully protected.

“When NALS applied to become a Government recognised CMP provider, it was clear to us that going forward this wouldn’t just be about providing an off the shelf product to agents simply to comply with Regulations. Any firm wanting to access our CMP scheme would have to meet all the criteria necessary to become part of NALS and we have stood by the principles on which NALS was originally set up. We want to ensure consumers are obtaining the best possible service in all areas of their rental experience; that service standards are maintained; and that CMP allows agents to continue to offer protection for their money.

“It’s no secret that the contribution rates for NALS firms have increased as we enter the era of mandatory CMP for all agents and we understand the pressure that places upon them at a time when the fee ban is approaching. The Government requirements demand much higher levels of cover and this has meant that contributions have had to rise. The rates that we’re offering are the result of a great deal of work with insurers to provide the best possible deal for our agents.

“With 1 April fast approaching, it’s important that agents consider what they want for their business. If you are considering joining NALS to take up our CMP cover, then take a look at the other benefits  NALS accreditation can provide.”

Our team are on hand to provide more information, on 01242 581712 / info@nalscheme.co.uk

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