A review of the consultation on whether the Government should introduce client money protection (CMP) for letting and management agents has now been published. In the review, the working group, recommends that the Government uses its powers in the Housing and Planning Act 2016 to make CMP mandatory. They claim there is also widespread support from the private rented sector for introducing it.
Agents will be given a period of grace in which to become compliant, and it is suggested that those who fail to obtain CMP will either be fined or shut down. Membership of a professional body will not be required and the Government is likely to a pprove a variety of CMP schemes including using the banking sector.
The new proposals only apply to England.
Further details of the review can be found via http://bit.ly/CMP_review