Residential Landlords Association (RLA)
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Client Money Protection now mandatory for letting agents in England

All letting agents in England must now be signed up to a Government-backed Client Money Protection scheme, or they could face a £30,000 penalty.

Client Money Protection ensures any money paid by the landlord or tenant, so that if it is stolen by the agent, the landlord is covered.

Under the Client Money Protection regulations, as well as all letting agents being required to sign up to a Government-approved scheme, they are all required to display which scheme they belong to.

Landlords and letting agents can read the RLA’s guidance on Client Money Protection to find out more about this, including details of Government-backed Client Money Protection schemes.

Channel website: https://www.rla.org.uk?ref=wg

Original article link: https://news.rla.org.uk/client-money-protection-now-mandatory-for-letting-agents-in-england/

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