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TPO wants letting agency industry's views on Client Money Protection

Lettings agents are being invited to take part in a national online survey launching today and seeking to get an industry-wide view on Client Money Protection.

The Property Ombudsman scheme offered to undertake the UK-wide survey following discussions with Baroness Hayter, joint chair of the Department of Communities and Local Government review into CMP.

While CMP insurance is not currently a legal requirement, many professional bodies have already made it mandatory for membership. TPO will be asking those agents to find out more about how they handle client funds, and targeting the thousands of firms that are not affiliated with a professional body.

The survey is being supported by SAFEagent, which has led industry calls to make CMP a legal requirement for lettings agents, along with the Tenancy Deposit Scheme, and the Property Redress Scheme, who will be sharing the survey with their members.

The survey will also touch on the Consumer Rights Act 2015, to establish how many firms are displaying their CMP cover on their website and in their branches.

“This will be the largest lettings survey of its kind. We’ve purposely made the online survey anonymous so agents can answer the questions honestly to ensure we get a true reflection of what measures agents currently have in place to protect client funds” says Katrine Sporle, The Property Ombudsman.

In a joint statement, Mark Hayward, managing director of NAEA and David Cox, managing director of ARLA, say: “It’s our firm belief that there should be a level playing field for all operating in the sector.”

The findings will be presented to the CMP Working Group, which was launched following the introduction of the Housing & Planning Act 2016. The Act includes a provision that allows the housing minister to make CMP cover mandatory for letting agents.

The survey is open to all letting agents regardless of whether they have CMP insurance or not. To take part, please visit: https://secure.crtviewpoint.com/Online/Survey/923b0623-0e2e-4926-bf1c-2dbb17a1d399

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