London Trading Standards says 100 agents have already been notified of potential fines with more to follow.
Read MoreLetting agents urged to ‘pull their fingers out’ and comply with CMP by minister
MPs last night voted through the government's proposal to extend the cut-off period for compliance with CMP rules to April 1st as problems finding pooled accounts continue.
Read MoreRICS fines Countrywide after it admits breaking rules on client money protection
Decision follows a hearing during which it was revealed that the agency had improperly transferred £10 million of client funds over a ten-year period.
Read MoreClient Money Protection now compulsory for English letting agents – but how many are covered?
Legislation has now become law and letting agents not registered with one of six schemes is now trading illegally.
Read MoreTwo more Client Money Protection schemes approved ahead of April 1st deadline
NALS and Money Shield get official approval to offer agents Client Money Protection schemes, membership of which is to become mandatory.
Read MoreGovernment approves first CMP scheme ahead of April 1st deadline
Hamilton Fraser's Client Money Protect offering now has an official seal of approval and is for agents holding up to £5 million of client cash.
Read MoreCompulsory Client Money Protection legislation
As unintended consequences go, says Adam Walker, this tale of woe is a great illustration of how our lives and businesses can be dramatically disrupted without us doing anything wrong.
Read MoreRevealed: rules letting agents must follow to join new CMP schemes
Details of the new Client Money Protection schemes that letting agents must join before April 2019 are shaping up.
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