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.

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.

Legislation has now become law and letting agents not registered with one of six schemes is now trading illegally.

NALS and Money Shield get official approval to offer agents Client Money Protection schemes, membership of which is to become mandatory.

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.

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.

Details of the new Client Money Protection schemes that letting agents must join before April 2019 are shaping up.

The government has laid down the new legislation in parliament that will make Client Money Protection mandatory for all agents by April next year.