Legislation to make Client Money Protection (CMP) mandatory for all estate agents in England has been introduced to parliament following lengthy pre-legislative scrutiny, and will go live before the Tenant Fees Bill.
The soon-to-be implemented CMP regulations have been hailed as the most important piece of tenant protection legislation to be introduced to date by the Association of Residential Letting Agents (ARLA), which has been lobbying hard for CMP to be made compulsory.
The regulations are unlikely to face serious opposition within parliament, which means agents have just under a year to sign up to an approved Client Money Protection scheme.
“After a long fight, ARLA Propertymark’s campaign for mandatory Client Money Protection (CMP) is finally won,” says David Cox, ARLA’s Chief Executive (pictured).
“With the help of Baroness Hayter of Kentish Town, and cross-party consensus in the House of Lords, this is a vital step forward in improving consumer protection in the rental sector; probably more so than the myriad of other laws passed over the last two decades.
“We look forward to working with the Government to guarantee that the level playing field we’ve fought so hard to create becomes a reality on the 1st April next year.”
The increased enthusiasm to fix England’s ‘broken’ housing market has been a key element in the relatively rapid introduction of the new legislation, which during the Cameron years was but on the back burner, and an e-petition only garnered a few thousand signatures.
Read more about Client Money Protection.