Landlords and tenants will continue to be able to claim back the entire amount of money that has been lost or misappropriated by an agent, as has been the case since January 2018 in the UKALA scheme, after the association for letting agents secured approved status for its client money protection (CML) scheme.
The approval secured by the Secretary of State means that UKALA is now able to offer the industry-first total loss CMP scheme to its members. In some other schemes the amount you can claim is capped, but it is not clear if this will remain the case moving forward.
This exclusive benefit for UKALA members and their clients, facilitated by UKALA with the support of Let Alliance, comes ahead of a number of changes for the private rented sector, including the government being expected to make CMP mandatory for letting agents from 1st April 2019
With billions of pounds worth of landlords’ and tenants’ money handled by letting agents, the total loss CMP launched just over a year ago, is seen as an important milestone in the industry, and is now recognised by the English government.
Underwritten by A-rated insurers Hiscox, the UKALA total loss CMP is regulated by the Financial Conduct Authority in the UK.
The Total Loss CMP scheme is open to all property agents and professionals who can become members via the straightforward application process.
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