Registered agents of the Property Ombudsman (TPO) scheme have requested that Client Money Protection (CMP) cover be made available to all UK lettings agents. CMP cover was only available through a number of trade bodies until July this year but with the introduction of two new CMP providers, letting agents that are not registered with a trade body will be able to sign up for cover. Gerry Fitzjohn, Chief Operating Officer of TPO, said: “We need an even playing field for lettings. All agents are required to hold client money in a separate Clients Account but there is no current requirement to have those funds insured against unlawful use or fraud, which is why CMP is crucial for landlords and tenants. “CMP is not a duplication of any deposit scheme or professional indemnity cover. It goes beyond that and provides landlord with the peace of mind they need to know that the rent collected by an agent is protected. “This isnt news to the thousands of experienced agents that have had comprehensive CMP cover with a trade body for many years and we fully support the ongoing efforts of trade bodies such as ARLA, NALS, RICS and UKALA to improve industry best practice. The new CMP products launched this month by PSR Insurance brokers and Hamilton Fraser Insurance Brokers mean CMP cover is now available to the whole of the market, which can only be a good thing.” It is estimated that some £23 billion is paid annually in rent, of which £6 - £10 billion is collected by agents on behalf of landlords and with recent cases of landlords and tenants being unable to recover funds due to them, which were held by agents, CMP cover is a viable option to help protect landlords, tenants and agents. Mr Fitzjohn added: “We passionately believe that CMP is great for consumer protection and will ultimately result in a reduction in the number of complaints against lettings agents. We know from surveying our own agents that the vast majority already have cover. For those that dont, they now have an opportunity to distinguish themselves from any rogue operators by showing landlords and tenants that they have the appropriate cover in place.”