Six letting agencies across the London borough of Haringey have been fined a total of £12,000 after a council clampdown.
Trading Standards identified the letting agencies which failed to join a mandatory Client Money Protection Scheme - however, the authority has not named the agencies concerned.
Councillor Sarah Williams, who leads the council’s housing services committee, says: “Haringey Council is cracking down on rogue letting agents, protecting Haringey’s 90,000 private renters.
“Letting agents have a legal duty to safeguard their clients, and Haringey Council will take enforcement action against any agents who do not comply with regulations.
“Thanks to the diligent work of our officers we have identified six agents who put their landlords and tenants at financial risk. This, alongside other policies such as our selective licensing scheme, is part of our ongoing work to strengthen Haringey’s private rented sector.”
Since April 2019, agents in the private rented sector in England who hold client money must obtain membership from a government approved or designated Client Money Protection Scheme.
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its so difficult to find a bank that will allow agents to open a client account, why is this law only for agents and not Landlords?
Because the CMP is there to primarily protect Landlords from them not getting their rent we receive.
If anyone knows of a bank that will accept an agent client account, let me know. Lloyds say my agent is not complying with AML as not registered, but HMRC
Anyone know of a bank that accepts agent client account? Lloyds has told my agent they are not compliant since they are not registered with HMRC. HMRC have stated they cannot register because none of their rents are over 10.000 euros a month.
How is £2k a suitable fine for a major breach of compliance- compliance that likely left hundreds of thousands , if not millions of client money at risk. Sorry, but they should have been named and should have each been fined at least £10k.
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