Sixteen letting agencies in London have been fined a total of £100,000 for breaking Client Money Protection rules and therefore “putting renters at risk”.

Haringey councillor Sarah Williams (pictured), Cabinet Member for Housing and Planning and Deputy Leader of the Council, says half of those agencies have received multiple fines.

The companies, which have not been named after settling their penalties, were fined under the Consumer Rights Act 2015 for breaching Client Money Protection rules and failing to display clear fees.

CMP safeguards

The property firms operate in a number of neighbourhoods across the borough including Harringay, West Green, Tottenham Hale, Noel Park, Alexandra Palace, Tottenham Central, South Tottenham, and Hornsey.

The council says Client Money Protection safeguards both rents and deposits, ensuring landlords and tenants do not lose their money if an agent goes bust or commits fraud and that the legislation is in place to build ‘trust and accountability’ across the housing sector.

It adds, though, that most of the fines have already been settled, with any of the outstanding ones being managed through agreed payment plans.

With over 100 letting agents in the borough, we must ensure they are meeting their legal obligations.”

Williams says: “With over 100 letting agents in the borough, we must ensure they are meeting their legal obligations. This gives tenants and landlords confidence that their money is secure and that they have access to dispute the issue if needed.

“We are committed to providing housing that is safe, secure and compliant. Agents who fail to comply and put residents at risk will face the consequences.”

Picture courtesy of Google Streetview.