Two estate agencies fined £8,000 for CMP breaches
Ragdon and Route Estates, both based in London, were found to have failed to meet their obligations under CMP (Client Money Protection) rules.
Two estate agencies have been fined a total of £8,000 after breaches of Client Money Protection (CMP) rules.
Ragdon Ltd based in Ilford, East London, was given a £5,000 penalty after failing to secure a CMP certificate for two years.
Redbridge Council took action against Ragdon after finding an expired CMP certificate displayed on the office wall, and the CMP logo present on the firm’s Zoopla ads.
Consumers were being misled.”
“Consumers were being misled,” the council said in its evidence to the First Tier Tribunal.
“The Appellant did not have CMP membership between 1 August 2021 until the Notice of Intent was served on 5 December 2023,” the council added.
The tribunal heard that when the business began in 2020, Ragdon managed two or three properties, and at the date of the hearing in December 2024 this had increased to 15 or 16 properties.
Complaint received
In November 2023, a complaint was received from a customer reporting that Ragdon had no redress membership with either TPO (The Property Ombudsman) or Property Redress schemes.
Judge J Findlay said: “I find that the Appellant [Ragdon] is a professional in its field and there is an onus on the Appellant to keep itself up to date and comply with the legislative obligations placed on it.”
Second case
In a second case, Route Estates of Enfield, North London, was fined £3,000 for CMP breaches.
An investigation by Enfield Council found that Route had not displayed a valid CMP certificate on its website.
And the agency was also fined £3,000 for not having a list of its fees (or a link to its fees) on its Zoopla ad, and £1,500 for excluding VAT from advertised fees.