As per the strict processes put in place by The Property Ombudsman (TPO), the agents were referred to the TPO’s independent Compliance Committee, which ruled they should be expelled with most failing to pay compensatory rewards.
Propertymark received a report that a letting agent in Kensington and Chelsea has been issued a fine of £20,000 for not belonging to a Client Money Protection scheme, despite applying to join one. The case underlines the importance of having Client Money Protection (CMP), with Trading standards taking action even when an application is in progress.
We welcome improved Joint Money Laundering Steering Group (JMLSG) guidance on Pooled Client Accounts (PCAs) following our response to their review and sustained engagement with HM Treasury and UK Finance to make it easier for letting agents to meet their legal obligations.
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The director of a Southampton lettings firm has been jailed after defrauding landlords and tenants out of more than £230,000.
On 1 June, The Property Ombudsman (TPO) scheme’s updated Codes of Practice will become effective. The revisions are substantial and incorporate the Tenant Fees Act, Client Money Protection and GDPR requirements.
Membership of a Government Approved Client Money Protection (CMP) scheme becomes a legal requirement for all agents in England dealing with residential lettings across England from Monday 1 April.
All agents in England whose business covers lettings and property management whereby you hold client money, must belong to a government-approved Client Money Protection scheme from 1 April 2019.
The Housing and Planning Act 2016 enables the Secretary of State to require that letting and property agents in England belong to a government-approved Client Money Protection scheme.
Propertymark has received formal approval from the Housing Minister, Heather Wheeler MP, to operate a Government-authorised Client Money Protection (CMP) Scheme.
We have issued our response to the Government consultation on mandatory CMP giving our views and comments on how the rules should be designed, implemented and enforced.
The Housing (Scotland) Act gives powers to the Scottish Government to create a Code of Practice and introduces new rules, which all letting agents must follow. Read this fact sheet to see how the code of practice affects you.