|Benefits to agents|
Landlords and tenants who haven’t previously worried about their agent going into administration or running off with their money are now much more aware of the dangers and the Government is taking action to protect them.
Offering Money Shield protection is quick, easy and cost effective. Current legislation requires letting agents to display whether or not they have CMP, but those without it are now being urged to ensure they have cover in place before it becomes a legal requirement. Money Shield is the only CMP scheme, external to Propertymark, that you can use for eligibility for membership of Propertymark.
Agents in Scotland and Wales are legally required to hold Client Money Protection (CMP). All agents managing lettings in England will need to belong to an approved CMP scheme by 1 April 2019.
Save money by joining Money Shield and TDS
The Tenancy Deposit Scheme (TDS) is the only not-for-profit government approved tenancy deposit protection scheme in England and Wales.
TDS provides both free Custodial tenancy deposit protection and Insurance-backed tenancy deposit protection with free, impartial dispute resolution if disagreements arise over how the deposit should be divided at the end of a tenancy.
If you choose a Money Shield package which includes TDS, you will receive £50 credit (Insured) or £50 welcome bonus (Custodial) after the first ten deposit protections.
Save money by joining Money Shield and The Property Ombudsman
The Property Ombudsman (TPO) scheme provides a free, fair and independent service to protect consumers from unfair practice. The scheme receives over 23,000 enquiries every year and offers an independent and impartial dispute resolution service to consumers who have been unable to resolve their disputes with a registered agent.
The Ombudsman can provide redress to place the consumer back in the position they were before the complaint arose.
TPO is the only redress scheme that operates codes of practice to raise standards and share best practice in the industry. TPO’s sales and lettings codes of practice have been approved by CTSI and adopted by Propertymark.
Agents joining Money Shield and TPO save £60 on the joining fee for TPO. Please note, TPO will also require a completed application form, this is available to download here and will need to be returned to TPO.