The scheme which is yet to be named, aims to help lettings agents reassure tenants that their deposits and rents are protected should they go bust. It has been devised by a steering committee comprising Foxtons, Winkworth, Belvoir Lettings, Northwood, Spicerhaart, Touchstone, Bushells, Young London and Linley & Simpson.
Nick Cooper, managing director of Northwood and chair of the committee, says: “Those agents within existing CMP schemes and who have fully compliant client accounting standards want to root out the unscrupulous operators who tarnish the reputation of the sector. The group believes, as many other firms do, that the Industry needs to find a more effective way to communicate to consumers the benefits of using agents who have CMP and the protection that this will afford them.
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NetRent Comment
A national scheme to protect tenant deposits lodged through letting agents is long overdue. This committee needs to act quickly to get this scheme up and running as quickly as possible. Many landlords have told us that they have lost faith in letting agents handling deposits and far too many landlords have lost considerable sums since the deposit protection schemes were introduced.
