Guest blog: UKALA to begin offering client money protection scheme to members from 1st April
Article Posted - 15th March 2019
We're so pleased to announce that we've been approved to offer a total loss client money protection (CMP) scheme to our members. We received a confirmation letter from the powers that be, signed by the Secretary of State, giving us the green light when it comes to offering our members total loss CMP for the first time ever.
What's all the fuss about?
There are billions of pounds of tenants' and landlords' money held by letting agents across the UK. Whether you're a tenant or a landlord, from April 1st you'll be able to claim back in full all money that is lost or misappropriated by an agent. Previously, the amount you could claim was capped, but now, whether you're owed £5000 or £50,000, under UKALA's total loss CMP, you'll be able to claim back every single penny.
CMP is regulated by the Financial Conduct Authority in the UK and underwritten by A-rated insurers Hiscox.
Who can join the total loss CMP scheme?
The scheme is exclusively for UKALA members. It's not available to anyone else in the market, so marks an exciting achievement for us. But don't worry, if you're not yet a member of UKALA you soon can be – property agents and professionals are welcome to apply via our straightforward application process.
The exclusive benefit for UKALA members and their clients comes ahead of a number of changes for the private rented sector in 2018, including the Government making CMP mandatory for letting agents.
Who are UKALA?
At the UK Association of Letting Agents, we offer membership to lettings agents who help you grown your business profitably and securely. We offer a range of services and benefits from protection to business development, accreditation to training and marketing support.
We're so excited to share the news with our members and any property agents or professionals who are wondering how they're going to navigate the government's mandatory requirements for CMP. It's also great news for anyone who wants to be able to offer their clients the epitome of peace of mind when it comes to making sure their money is protected.
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