Client money protection - ONLY for agents, or ALSO for landlords?
Clarification sought, please …
In her article about the new client money protection scheme, RLA's Victoria Barker writes:
- "All private rented property agents in England will be required to belong to an approved Client Money Protection scheme from the 1st April.
"Client money protection regulations require anyone engaging in property work to pay to belong to one of the recognized and approved client money protection schemes.
"The new regulations will protect renters’ and landlords’ money from theft or misuse while being held by property agents. All agents will be required to join up to a government-approved scheme by 1 April or face fines of up to £30,000."*
At a recent Council/NLA meeting, referring to their latest official material, the NLA rep also indicated that it would apply to "anyone holding client money".
My first question is: Does this scheme really only apply to agents, or really to anyone holding client money?
Secondly, if a tenancy deposit is protected in one of the mandatory tenancy deposit schemes, then what other client moneys need protection in this new scheme?
Thirdly, does this mean that Airbnb and similar also need to belong to such a scheme, because they do hold client money (or does it not count if the clients are not strictly "tenants"?
Finally, would it apply to people controlling a property under a rent-to-rent agreement, as these people are neither tenants, nor landlords, nor agents?
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