No hiding for agencies that don’t have client money protection

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

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As part of ongoing work to strengthen Haringey’s private rented sector, the rogue agents have now been brought into compliance as anyone handling client money has a legal duty to safeguard it.

The maximum penalty that can be issued to a letting agent or property manager who fails to belong to a Client Money Protection (CMP) scheme is £30,000. A failure to display the CMP certificate on a website and in offices could also lead to a £5,000 fine.

Protection with Propertymark

Since 2015, Propertymark led the campaign to introduce mandatory CMP to protect landlords and tenants against the small number of unscrupulous agents who misappropriate funds, and it has long been a requirement for Propertymark members to belong to a scheme, even before it was a legal requirement from 1 April 2019.

Our owner and director members have to belong to our CMP Scheme, in order to make their agency truly Propertymark Protected. We work hard to make sure the business remains compliant, even after a particular member leaves the business, as the agency will no longer be protected.

Read more about the benefits of Propertymark's CMP Scheme  →

Credibility and compliance

Propertymark brings another level of protection to support agents with our Calm About Compliance service, where our team of experienced auditors advises on the agency’s compliance.

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Calm about compliance

Calm about Compliance brings our expertise, as the sector's leading professional body, into your office. Our team of experienced auditors will advise you 1:1 on your agency’s compliance, helping you avoid the hazards that regularly lead to local authority fines.