Following on from the introduction of the Effective Enforcement Toolkit from NALS, we are proud to announce, in collaboration with our partners, our very own Letting Agent Toolkit. This includes all of the essentials for Letting Agents and allows you to comply with many of the laws that are in place to help regulate and raise standards within our sector.
Everything below is included within the bundle offer along with a free of charge membership to our insurance based deposit protection scheme and heavily reduced deposit protection fees.
1. Property Redress Scheme
Since October 2014 it has been a legal requirement under the Enterprise and Regulatory Reform Act 2013 for all letting agents to join their estate agent counterparts in being a member of a government authorised consumer redress scheme. Our bundle includes membership to the Property Redress Scheme.
The Property Redress Scheme now has over 5000 members, is run by HF Resolution Ltd and is governed by an Independent Advisory Council made up of industry leaders.
2. Client Money Protection
Also included within our Letting Agent Toolkit is membership to Client Money Protect – a membership scheme that offers client money protection, without the need to be regulated by a trade body.
Membership with Client Money Protect also comes with free access to a legal advice helpline and contributes to the discounted fees you receive with the mydeposits insurance deposit protection scheme.
3. Professional Indemnity Insurance
Professional indemnity is an insurance product that covers your business in the event one of your clients initiating either legal proceedings or raising a complaint with a consumer redress scheme if they feel that they are at a loss as a direct result of your actions.
Within the bundle offer, a professional indemnity insurance policy is provided by buy-to-let insurance experts Hamilton Fraser who have over 20 years’ experience within the industry.
We spoke to Eddie Hooker, Chief Executive Officer of mydeposits and the Hamilton Fraser Group who said:
“It is great to be in a position where we can supply a collection of high quality products, tailored for letting agents at a great bundled price – it allows us to contribute to the improvement of industry standards whilst confirming the diversity of products we offer to the private rented sector.”