Your Money is Safe with Us

When renting a property, tenants need to trust their agent to handle their money responsibly. A crucial part of any property agent’s role is to safeguard rent and deposits on behalf of both tenants and landlords.

Unfortunately, not all agents operate with the same level of care and compliance, putting client money at risk.

Why Trust in Agents Matters

Tenants and landlords must ensure that the letting agent they use is reputable and follows strict financial safeguards. Without proper protections in place, rent payments and deposits could be mismanaged, leading to serious financial losses.

How Ringley Ensures Client Money Protection

At Ringley, we take this responsibility seriously. We are members of the RICS Client Money Protection Scheme, ensuring that:

• All client money is securely handled
• Deposits and rent payments are protected
• Landlords and tenants have full peace of mind

This third-party accreditation guarantees that your funds are always in safe hands.

The Dangers of Unprotected Funds

While most agents follow the rules, there are some who do not. Unscrupulous agents have been known to mishandle rent payments and deposits, causing huge losses for both tenants and landlords.

If a letting agent is not accredited by a client money protection scheme, you should be wary about entrusting them with your funds.

A Real Case of Mismanagement

In 2018, an estate agent in Essex was banned from managing companies for five years after failing to safeguard £28,000 of tenants’ deposits and rent meant for landlords.

Investigators found that the agent:

• Failed to place 11 deposits (£12,000 total) into a government-backed scheme
• Did not protect £20,000 worth of deposits between April 2017 – August 2018
• Used £7,000 of rent payments for business expenses instead of paying landlords

This case serves as a stark warning about the risks of dealing with unregulated agents.

Protect Your Rental Finances with PlanetRent

At Ringley, we ensure full compliance with client money protection regulations. Our rental portal, PlanetRent, provides a secure and transparent way to manage:

• Deposits and rent payments
• Legal compliance
• Tenant-landlord transactions

To see how we can help protect your rental finances, visit www.planetrent.co.uk today