Fact sheet: Client Money Protection for letting and managing agents

In the fast-paced world of property management, letting agents face a myriad of challenges, with client money management sitting high on the list of priorities. Ensuring the safety and transparency of client funds is not only a legal obligation; it’s good business practice.

Following a series of high-profile account closures, Propertymark has written to the Rt Hon Jeremy Hunt MP highlighting the ongoing issues and pushing for action from the UK Government to find solutions that reduce barriers for letting agents to operate.

The introduction of the Renter's (Reform) Bill resulted a lot of media coverage, with agents and landlords voicing valid concerns about the potential impact of future legislation on their businesses. However, it is important to note that the Bill has not yet become law and is still undergoing scrutiny and possible amendments.

Fines totalling £12,000 have been handed out to six letting agents in the London Borough of Haringey after a crackdown by Trading Standards.