Some traditional Client Money Protection schemes have turned away from the benefits and security Electronic Money Institution’s bring. Garrett Foxon, CEO of LettsPay, outlines the current state of play.
Read MoreEXCLUSIVE: Only 10% of lettings firms get Tribunal fines cancelled
Figures are revealed within the latest edition of Safeagent's enforcement toolkit for Trading Standards officers.
Read MoreLondon agents facing CMP crackdown and fines of up to £30,000
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.
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