Today, ARLA has joined other organisations in the private rental sector in welcoming the new mandatory registration of letting agents with one of three redress schemes.
ARLA feels there should be even more protection for landlords and tenants.
Since yesterday, failure to join The Property Ombudsman or Ombudsman Services Property or the Property Redress Scheme – the operators who will consider issues of hidden fees and poor service – means an agent is liable to a £5,000 fine and effectively being removed from practising within the industry.
ARLA has welcomed the move in principle. “The industry needs regulating and this is the first step towards that” explains the association’s managing director David Cox.
But he now wants additional safeguards.
“As a matter of course, letting agents hold money on behalf of the tenant and landlord but depending on the agent you choose, you could stand to lose your money as not all are covered by client money protection. ARLA is calling for all agents to have client money protection, which in many ways is similar to the Financial Services Compensation Scheme.” says Cox.
Several organisations including The Property Ombudsman and the RICS have recently called for more safeguards on client money protection; some believe the redress regime will not be enough to address the potential loss of money.
As members of ARLA and fully registered with The Property Ombudsman, Applegate take pride in assuring our customers that we can confidently comply with all of the regulations set. We understand that there are many rogue estate agents out there which is why we can assure all our clients that they are dealing with a reputable company.
Source: www.lettingagenttoday.co.uk
Image Source: ARLA
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