All letting agents and property managers need to know that from 1 October 2014, you must belong to one of the three government approved property redress schemes or you could be fined up to £5,000.
Agents or property managers control valuable assets that hold huge amounts of other people's money and up until now there has been no regulation. Full regulation of agents is not yet on the cards. However making agents and anyone else who manages someone else's property sign up to a redress scheme is a start. It provides an independent service customers can complain to which will have the power to order the offending agent or property manager to pay compensation.
The three schemes are the;-
Obviously our Landlord clients may want to make sure that their letting agents are members of the relevant scheme.