We’re committed to protecting tenants’ money, which is why we’re proudly supporting SAFEagent Awareness Week, running from 1 to 5 June 2015. SAFEagent was set up ‘by the industry, for the industry’ – it’s recognised by the Government and is supported by a number of organisations, including us.
When you see the blue and black SAFEagent ‘mark’ you know that the organisation you’re dealing with protects landlords’ and tenants’ money through a Client Money Protection (CMP) scheme.
Client Money Protection Schemes reimburse consumers if clients’ funds are misused. They’re completely independent and don’t act on behalf of any letting agent. There are several schemes recognised by SAFEagent. These are operated by the Association of Residential Letting Agents (ARLA), the National Approved Letting Scheme (NALS), Royal Institution of Chartered Surveyors (RICS), the Law Society and the UK Association of Letting Agents (UKALA).
To be a member of a CMP scheme, agents and landlords are required to have:
- professional indemnity insurance
- defined accounting standards relating to clients’ money
- a customer complaints procedure
- membership of an ombudsman scheme
We’d like to encourage all letting agents to become members of SAFEagent, to give tenants the peace of mind that their money is safe and they’re being treated fairly.
We firmly believe in improving standards in the private rental sector and the SAFEagent accreditation is vital in achieving this goal. You can find out more about SAFEagent on their website.