There are several schemes* in the sector operated by ARLA/NFOPP, the Law Society, NALS and RICS to which agents voluntarily belong. The scope of these schemes varies and you should contact your agent for full details of the scheme of which they are a part.
Landlords and tenants often make decisions based on cost but it is important to ensure you ask your agent for details of the organisation they are regulated by and whether or not they are covered by a client money protection scheme. All agents regulated by ARLA/NFOPP, the Law Society, NALS and RICS maintain and operate separate designated client accounts where your money is held completely separate from the operating funds of the firm. If the agent you are using cannot provide you with the assurance of knowing they are covered by a client money protection scheme the question you need to ask is why not?
Wigwam is a member of the well respected ARLA/NFOPP client money protection scheme.
