Propertymark has become the newest company  to operate a Government-authorised Client Money Protection (CMP) Scheme.

The Government is requiring all rental agents in the private rented sector to obtain membership of an approved CMP scheme when the legislation comes into force on 1st April, all agents will need to have joined an Approved CMP scheme or will be operating illegally.

David Cox, Chief Executive, ARLA Propertymark said: “CMP has always been mandatory for Propertymark members, but when it becomes a requirement 1st April, all letting agents will be operating on a level playing field and consumers will be protected regardless of which agent they choose. This is a triumph for the industry, and will go a long way towards improving the regulatory environment in the lettings sector and increasing protection for consumers who rely on agents to handle their money safely. Having worked closely with MHCLG to get this into law, we’re really pleased that our scheme has secured formal Government Approval.”