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The Property Ombudsman reveals why Client Money Protection is a necessity for the UK lettings market
““We passionately believe that CMP is great for consumer protection and will ultimately result in a reduction in the number of complaints against lettings agents. We know from surveying our own agents that the vast majority already have cover. For those that don’t, they now have an opportunity to distinguish themselves from any rogue operators by showing landlords and tenants that they have the appropriate cover in place.
“My personal viewpoint would be to question why a letting agent would not support CMP. In the absence of any regulation for the UK private rental market, agents themselves need to take proactive steps to show landlords and tenants that they have taken out the necessary cover to protect rental income.
“We now need the industry to unite to raise awareness of this issue so consumers understand the value of CMP and we will be writing to each of our TPO registered offices this month to publicise our support.”
