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Property agents must obtain a certificate confirming membership of an approved Client Money Protection (CMP) scheme and meet specific in-branch and online display requirements to comply with the law. Breaches can result in civil penalties of up to £5,000.
Being a letting agent or an estate agent with a letting portfolio demands juggling numerous responsibilities, from property management and tenant relations to day-to-day operations, plus the perpetual quest for new business. However, amidst these demands, being on top of client accounting is paramount.
A consultation launched by HM Treasury could be the catalyst for change in the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 and end the ongoing problem of access to appropriate banking services for letting agents, which is the result of banks failing to properly understand how client money protection and anti-money laundering apply to unregulated firms.
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.