The Government is planning to require Letting Agents across the country to protect rental monies through an approved Client Money Protection (CMP) scheme.
The Parliamentary review of CMP made recommendations to make this mandatory for agents in England that handle client money.
SAMS ACCOMMODATION in Plymouth has had CMP cover in place for some time to safeguard the money they handle for landlords and tenants in Plymouth, giving enhanced protection from fraud and unlawful use.
Letting Agents currently have no legal requirement to take out insurance to protect the money they handle, but SAMS wanted to give their clients the added confidence knowing they have this protection in place.
SAMS ACCOMMODATION is offering all their landlords and tenants complete peace of mind that any client funds held are insured through a CMP Insurance policy which goes above and beyond current legal requirements to safeguard client funds.
The move has been praised by The Property Ombudsman (TPO) scheme, which provides a free, fair and impartial dispute service, of which SAMS ACCOMMODATION is a member.
It is essential that landlords and tenants only use Agents that have CMP cover or a method that guarantees the rent collected by their Agent is covered against fraud and unlawful use. Recent press headlines have covered several cases where landlords have lost thousands of pounds in rental income by dealing with an Agent who did not have sufficient cover to protect consumers from fraud.
SAMS ACCOMMODATION also has Professional Indemnity Insurance cover in place for added protection.
With 30 years of personal lettings experience, the Directors of SAMS Ken & Brenda Gilbert totally support the measures the Government is taking and think that this is really good news which will help to tighten up and regulate the lettings business.