The Government is to review whether renters’ and
landlords’ money is adequately protected from letting agent fraud or
bankruptcy. They are launching a consultation on whether the Client Money
Protection scheme (CMP) should become mandatory. Currently, letting agents hold
money on behalf of renters and landlords for a range of reasons, including
deposits, rental payments, and money for repairs. But this money is not always
protected by a CMP, meaning the client could lose large sums if the letting
agent goes bankrupt or commits fraud. Industry estimates letting agents
currently hold approximately £2.7 billion in client funds. Read more on 24dash.
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