With the introduction of mandatory client money protection from April 2019, Hamilton Fraser is annoucing a joined up approach to its group companies; the Property Redress Scheme (PRS) and CMProtect (CMP).
With the mounting commercial pressures on letting agents, the partnership will deliver a more effective and convenient solution for client reassurance. In particular the 10,000 (and rising) members of the PRS will have access to preferential rates as well as a simplified membership process.
CMP, launched in 2014, is a membership scheme that focuses purely on protecting client money – an insurance service that until then was only available to agents that were members of an industry trade body. In the event that a letting agent becomes insolvent or cannot return the client money, the landlord or tenant contacts CMP and they deal directly with them, reimbursing their losses where appropriate. By being a member of CMP letting agents’ clients obtain this very important protection from an acknowledged expert in the private rental market.
CEO of Hamilton Fraser, Eddie Hooker said: “The Property Redress Scheme and CMProtect go hand in hand by giving consumers the reassurance that their relationship with their agent, whether financial or service wise is protected. Irrespective of what happens, the client’s money will be safe. A large proportion of the PRS membership do not have this important protection and subject to obtaining a government licence to operate a scheme we will ensure that all of our letting agent members across our group of companies fully comply with the forthcoming law. By using this group approach we can deliver the benefit at an even more affordable price. ”
As part of the partnership CMP are offering PRS members a special rate on CMP starting at £199 plus VAT (per annum) until 1st October 2018 compared to the normal rate of £299 for agents holding less than £100k of client’s money.