Mary-Anne Bowring 14/02/2024
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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
Meet our Expert Property Commentators
Mary-Anne Bowring FTPI FRICS FARLA FCABE Founder/Head of Asset Management
Strategic partnerships, holistic delivery/ opportunities, growth, value engineering, thought leadership
Ian Barber MD BTR Mobilisation & Leasing
Runs HQ & site lease-up teams. Drives rent pricing, mobilisation, marketing, happy residents!
Jon Curtis MRICS Head of Building Engineering
Chartered Building Surveyor. Lectures on EWS1 & building safety. Runs CapEx programmes.
Kate Robinson MTPI MD Blocks/FM Management (London Region)
Master plan setup, ops and staffing and resident engagement. ISO45001 champion.
Lee Harle Partner Ringley Law
Plot conveyancing. Debt litigation. Group Company Secretary.
Anthony Kingdon MIRPM AssocRICS MD Blocks/FM Management (North Region)
Stakeholder engagement. Mixed tenure specialist. Budget management. Plant audit, PPM compliance.
Chris Georgalis MRICS Head of Commercial Valuation
Chartered Valuer. Rental valuations: retail, leisure. IRR modelling and valuations for secured lending. Compulsory purchase & rent reviews
Nichola Pughe MRICS Head of Residential Valuation
Chartered Valuer. Rental development & mixed use valuations, IRR modelling. Leasehold enfranchisement specialist
Natalie Birmingham Helpdesk Support Manager
Trainer & Helpdesk Manager: people, systems,contractors. ISO45001 supply chain accreditation.
Steve Norman Planning Director
Land due diligence (opportunities & constraints) Has contributed to a number of award winning schemes.
