Money Shield and the National Approved Letting Scheme (NALS) have become officially recognised Client Money Protection (CMP) Scheme operators after securing government approval.
The government has committed to requiring all property agents in the private rented sector to obtain membership of an approved CMP scheme by 1st April 2019.
Money Shield’s service, owned by Propertymark and The Dispute Service (TDS), allows agents to offer their clients, including BTL landlords, protection and reassurance without needing to join a professional body.
Spokespeople from Money Shield, Propertymark, TDS and TPO said: “In the past, landlords and tenants alike have fallen victim to rogue agents misappropriating their money. However, from 1st April, all agents must be enrolled in a CMP scheme and consumers can rest assured that their money will be protected.”
NALS has been providing a CMP scheme for its letting agents for more than 15 years, and the government stamp of approval means NALS can continue to offer agents inclusion under its CMP scheme, while ensuring landlord and tenants’ money is fully protected.
NALS spearheaded the campaign to make belonging to a CMP scheme a mandatory requirement through its support for the SAFEagent campaign.
Isobel Thomson, chief executive of NALS, commented: “We’re delighted to have been approved. NALS is a tried and tested CMP scheme, and this means we’re able to continue our work in ensuring a safer private rented sector for consumers.
“While it’s great news that CMP will become a legal requirement from 1 April, it is only one of the elements that make up a professional lettings and management firm. We don’t believe that being part of a CMP scheme should just be a case of buying an off the shelf product to comply with the Regulations.
“Any agent coming under our CMP scheme will have to be part of NALS so we can ensure consumers are obtaining the best possible service in all areas and high standards are maintained.”