New regulations planned for letting agents
05 May 2009

The Association of Residential Lettings Agents (ARLA) is introducing a licensing scheme for its UK members, as well as a code of practice.

The new guidelines are aimed at protecting tenants and homeowners who use letting agents.

Members of ARLA's scheme will have to adhere to a number of criteria, including:

  • Hold a professional qualification relating to lettings
  • Take part in continuing professional development
  • Have professional indemnity insurance.
  • Have plans in place to protect any money they are holding for clients
  • Have an annual independent audit carried out on clients' funds

Under the scheme, if a licensed agent went out of business any money owed to clients would be protected.

The National Association of Estate Agents plans to introduce its own licensing scheme later this year.

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