New Client Money Protection Service, Money Shield, Launches
Money Shield, a new Client Money Protection (CMP) service launches today, available to all letting agents and estate agents, enabling them to reassure customers that their money is safe.
CMP reimburses both landlords and tenants if an agent goes into administration, or in the event they misuse client’s money, including rents, unprotected deposits and funds for maintenance work. Last year, after successful lobbying from Propertymark and Baroness Hayter of Kentish Town, the Government ruled in favour of mandatory CMP in England. When the legislation comes into force, all agents will need to be signed up to a CMP scheme, such as Money Shield. Agents can join Money Shield now to set themselves apart from their competitors.
Money Shield is a straight forward and cost-effective solution, allowing agents to obtain robust protection for their clients without membership of a professional body. Owned jointly by Propertymark and The Dispute Service (TDS), Money Shield is being launched in association with The Property Ombudsman (TPO). As the scheme administrator, Propertymark is well positioned as a recognised consumer brand with a long and successful history of managing a Client Money Protection scheme.
Spokespeople from Money Shield, Propertymark, TDS and TPO said:
“Before the Government’s announcement on compulsory CMP last year, many consumers didn’t consider the financial risks of using an agent who didn’t offer protection. Consumer awareness has now grown, and landlords and tenants are now far more aware of the dangers and associated risks. We urge all letting agents and estate agents across the country to get ahead of the curve and enrol now before the legislation comes into effect, to gain ground on your competitors and avoid falling foul of the law.”
Kindly shared by Money Shield