Agent renewal FAQs

FAQs

• Q: What's the agent member renewal process?

  A: The renewal process comprises four stages:
  

  1. Complete and return renewal documentation (statement of facts) and supporting evidence from your renewal pack
  2. Our team conducts a 'risk assessment' based on your submitted information
  3. We notify you of renewal terms
  4, Accept renewal terms via your online account
  

  Remember, renewal documentation should reach us at least 14 days before your renewal date for a hassle-free process.

• Q: What are the agent renewal acceptance criteria?

  A: Agents must securely hold tenants' deposits in segregated client money accounts. Proof of this account's existence via bank statements is required. Accredited agents from select organizations benefit from lower fees due to their commitment to client money protection.

• Q: What's a risk assessment?

  A: Our risk assessment combines credit scoring and internal policy rules. It helps us evaluate the suitability of agents for membership.

• Q: Why different treatment for accredited members?

  A: Accredited members possess client money protection insurance, reducing risk. We offer lower protection fees to recognize this added layer of security.

• Q: What if I'm not yet accredited?

  A: Accreditation confirmation is necessary to qualify for accredited member status. Provide proof upon confirmation to reduce future protection fees.

• Q: Why bank statements and letters from the bank?

  A: We need to ensure deposits are held in ring-fenced client money accounts. Statements and letters confirm this practice.

• Q: What happens if I don't comply?

  A: Failure to maintain a segregated client money account results in membership cancellation. Non-accredited agents must pass a risk assessment.

• Q: What if I refuse to provide evidence?

  A: Failure to provide evidence of a segregated client money account leads to membership cancellation. Deposits are protected for three months thereafter.

• Q: Can I pay by cheque?

  A: We no longer accept cheque payments. Opt for online payments or credit/debit card options.

• Q: Why direct debit for renewals?

  A: Direct debit offers a streamlined, efficient payment method. Alternative payment options are also available.