David Cox, Chief Executive, ARLA Propertymark comments on the consultation on mandatory Client Money Protection (CMP) schemes:

“After the announcement made during ARLA Conference this year, we are very pleased to see that the Government is moving forward with its plans to introduce mandatory CMP for letting agents. After years of lobbying and a successful campaign alongside Baroness Hayter of Kentish Town, we have finally convinced the Government of the need for this measure. While Propertymark members are already required to have CMP, this new measure will ensure that all letting agents are operating on a level playing field, meaning consumers will be protected regardless of the agent they choose. We are equally pleased that agents will have to display their CMP membership prominently, which will provide tenants peace of mind that their money is protected.

“We urge agents to respond to the consultation as it is an essential measure, that will go a long way to improving the regulatory environment in the lettings sector, and increase the protection for consumers who count on agents to handle their money safely.”

Commenting on the Draft Tenants Fees Bill published today, David Cox continues: ”We have discussed the proposal to ban letting agents fees with Government ministers and officials many times since the announcement. Having now seen the Draft Bill, it is essential that during its passage through Parliament, this legislation is shaped to make it fair to consumers, while supporting businesses to carry out the work necessary to create and maintain successful tenancies; including legal requirements such as Right to Rent checks.

“We are very pleased to see that government has listened to our call and increased maximum security deposits from four to six weeks and are encouraged that it appears those tenants who wish to break their contract will have to cover the legitimate costs of finding a new tenant.”