A group of major letting agents are launching a new kitemark scheme in an aim to raise awareness among both landlords and tenants of the financial risk taken when using an uninsured agent.
Their aim is to signpost every letting agent who is covered by any of the current CMP (client money protection) schemes. If the agent does not display the new kitemark it will be a clear sign to consumers that they are potentially at risk. It appears that most major players in the sector are enthusiastic about the new initiative.
Some of the agents who are backing the scheme include Bushells, Northwood, Winkworth, Belvoi, Spicerhaart, Touchstone and Foxtons. Eric Walker, managing director of Bushells, said “This campaign is a wonderful initiative which is solely designed to protect the consumer. We are delighted to be part of it.
“It provides a single kitemark which assures the consumer that their money is safe should things go wrong. At the moment it is difficult for the customer to know which organisation offers what protection. For example, many people mistakenly believe that the Property Ombudsman is a regulator rather than a redress scheme. Whilst the Ombudsman provides an excellent service in the case of lost monies, it will often be too late, as illustrated by recent court case reports.”
The scheme gives out a very positive message that the industry is keen to improve their reputation for the benefit of their customers. There is no reason why any letting agent would not want to join new the scheme, which has been compared with a travel agent who is a member of ABTA. All landlords who have landlord insurance want to root out the agents who tarnish the reputation of the sector. The new scheme will make sure that consumers know exactly what to look for when they approach a letting agent. The aim is simple if there is no kitemark then there will be no client money protection if the agent goes bust.