It is estimated that letting agents currently hold approximately £2.7 billion in client funds and yet, if a letting agent is not covered by client money protection, both the landlord and tenant could stand to lose their money.
The team at McCartan Lettings is actively supporting SAFEagent Awareness week 2016 which is set to take place from 6th to 10th of June.
This year, the event coincides with the 5th anniversary of the consumer protection campaign which MD Hannah McCartan has been actively promoting across the region within the industry.
SAFEagent – Safe Agent Fully Endorsed – is a reliable mark denoting firms that protect landlords and tenants money through Client Money Protection schemes. Set up ‘by the industry, for the industry’ and recognised by the Government, it is supported by Citizens Advice Bureaux, The Property Ombudsman: Property, the Property Redress Scheme, My Deposits, TDS and DPS as well as industry suppliers such as Endsleigh.
All agents registered with SAFEagent are part of regulatory organisations/accreditation schemes in the Private Rented Sector and Client Money Protection Schemes which reimburse consumers in the event of misappropriation of clients’ funds.
The aim of SAFEagent Awareness Week is to encourage industry stake-holders across the country to join together to highlight the importance of client money protection and encourage consumers to only use those agents who can give them peace of mind that their monies are protected.
Says Hannah, “We have been a member of SAFEagent for five years and value the support and credibility this association gives to us at McCartan Lettings. Client money protection (CMP) remains high on the current, political agenda and we are strong advocates for this within the private, rented sector in Swansea. The Government is advocating to make client money protection mandatory for all lettings agents, and we will continue to support this initiative at all levels.
“Transparency is key. It’s scary when you realise how much money has been paid out by the industry where there has been theft or fraudulent use of clients’ money. We are totally supportive of SAFEagent’s quest to encourage all industry bodies who operate CMP schemes and Tenancy Deposit Schemes to collectively reveal how much they have paid out in claims over the past five years.”
For advice and guidance on the importance of using client money protection scheme, landlords should call McCartan Lettings on 01792 430100.