Letting agents using the client accounting platform LettsPay will receive free client money protection (CMP) cover under a new initiative announced by the firm.
CMP is a mandatory requirement for all letting agents that handle client money, including rental payments and deposits.
The new offer applies to all LettsPay users and removes the need for agents to arrange or manage a separate CMP policy.
The move comes as the lettings sector faces rising compliance costs and operational change ahead of the Renters’ Rights Act, due to come into force in May 2026.
STREAMLINE CLIENT ACCOUNTING
LettsPay says the inclusion of CMP cover is designed to help agents streamline client accounting while reducing administrative and financial pressure.
The CMP cover is provided by a government-approved supplier. LettsPay says it has structured the process so that agents switching from an existing CMP provider can do so seamlessly, with no risk of gaps in cover, and that it will liaise directly with existing providers to manage the transition where required.
Because all client funds are managed through the LettsPay system, agents do not need to source additional protection elsewhere. Propertymark members are also being offered a 50% reduction in the set-up costs of joining the platform.
RING-FENCED FUNDS
Matt Gibbard (main picture, inset), Commercial Director at LettsPay, says: “Traditional CMP products recognise that humans make errors and insurance is there to cover such shortcomings.
LettsPay is designed and tested to ensure that these failures do not actually occur in the first instance.
“All funds are ‘ring-fenced’, purpose restricted and fully traceable at all times. Risk is therefore significantly reduced at the system level and not merely mitigated by being transferred to an insurance policy.
“Consequently, LettsPay are confidently able to provide full CMP cover for free to all user agents.”
