Client Money Protection Levy 2017 Open Letter

NFoPP Client Money Protection provides reassurance to your clients 

We continue to deliver Client Money Protection (CMP) both at a fair and reasonable cost and as the leading industry scheme provider.

ARLA, NAEA and NFOPP Regulation have been at the forefront of this year’s campaign to persuade DCLG to make CMP mandatory for agents, persuading MPs and Peers to support the campaign, providing MP briefings and giving evidence to the Public Bill Committee.  The reason that we are fighting for mandatory CMP is because we believe that comprehensive provision would reduce the risk to the consumer and reduce the cost to individual agents.

The CMP scheme provides compensation to consumers in the small number of cases where agents misappropriate client funds. Belonging to the NFoPP Regulation CMP Scheme allows you to tell your clients that their money is protected.

We continue to work to maintain the scheme at a steady cost to members and we firmly believe that we offer excellent value for money. I hope that you will agree that this year’s levy of £340 represents a worthwhile investment in your financial credibility. We have recently updated marketing materials which are available via the online store to help in communicating the benefits of the scheme to your clients. There will also be ongoing media and press coverage to promote CMP.

ARLA and NAEA continue to support agents facing implementation and enforcement challenges within new legislation including Housing and Planning Act 2016, the transposition of the Fourth Money Laundering Directive and Immigration Act 2016.  Membership benefits include significant discounts on tenant deposit services through TDS and professional indemnity insurance through Agent Assure, along with a range of other relevant business services.

Membership of the scheme and the membership bodies is increasing with more than 8,700 ARLA Licensed members and NAEA representation of 10,000 offices. Our members are supported to stay up-to-date with legislative changes and lead the industry in experience and best practice. Alongside this, recognition of ARLA and NAEA continues to grow amongst consumers in need of advice and expertise in a crowded marketplace.

We trust this provides you with a timely update on this important issue.

Best regards

 

David Cox

David Cox
Managing Director, ARLA

Mark Hayward Signature

Mark Hayward, FNAEA
Managing Director, NAEA