OliverFinn welcomes a new money protection scheme.
SAFE (Safe Agent Fully Endorsed) is a new initiative comprising property letting firms that protect landlords and tenants' money through client money protection schemes.
The aim of SAFE is to eliminate the threat posed by uninsured agents lettings agents whose clients have little or no possibility of recovering lost funds.
Christian Harper of SAFE agent OliverFinn: “A key question for landlords and tenants to ask lettings agents? Are you covered by a client money protection scheme? If the answer is no, the next question you need to ask is: why not?"
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Landlords often make decisions on placing their business with a lettings agent solely based on cost but it can end up costing more if the agent shuts down and disappears with the contents of the client account.
Likewise it is surprising the number of tenants who hand over six weeks deposit, a large sum by most people's standards, to someone they hardly know.
SAFE agents maintain and operate separate designated client accounts, where funds such as rent and deposits, are held completely separate from the operating funds.
If an agent does not display the new
SAFE kitemark consumers’ money could be at risk.
The government has not felt the urge to make industry memberships such as this mandatory says Harper: “At
OliverFinn we welcome any initiative that roots out unscrupulous operators who tarnish the reputation of the sector. We welcome the SAFE scheme and insist on being members* of all relevant bodies to ensure we deliver the latest and most accurate advice."
London lettings agent OliverFinn operates in Chiswick, Notting Hill Gate and Clapham.
*OliverFinn professional memberships
National Association of Estate Agents (
NAEA)
Association of Residential Letting Agents (
ARLA)
The Property Ombudsmen (
TPO)
Information Commissioner’s Office (
ICO)
Office of Fair Trading (
OFT)
