More than 3,000 professional lettings agents across the UK are uniting for the annual SAFEagent Awareness Week.
The event aims to educate tenants and landlords on the importance of client money protection (CMP).
SAFEagent reported that an estimated £2.7 billion was held by letting agents in client accounts, but there were still too many cases of criminal letting agents stealing landlord and tenant cash.
John Midgley, Chair of the SAFEagent Steering Group, explained:
“If an agent were to steal landlord or tenant money without CMP in place there’s little chance of getting their money back.
“Choosing a letting agent without CMP in place is a massive risk for both landlords and tenants. Who can afford to lose thousands of pounds?”
SAFEagent campaigns for full and mandatory CMP – which protects landlords and tenants from the worst practice in letting agency. While mandatory CMP is now firmly on the government’s agenda with amendments to the Housing and Planning Bill, it has still not been passed in law.
Tenants and landlords are encouraged to find an agent with the SAFEagent mark on www.safeagents.co.uk or share their experiences by using #SAAW16 on Twitter.