The total fines for non-compliant letting agents and landlords have now hit £7.5 million, an increase of £300,000 in less than four months. The average amount of fines imposed on landlords for all offences is now £4,233 and £4,440 for letting agents. So there continue to be many risks for property professionals including market risks and regulatory risks.
The best property professionals will need to have safeguarding tools in place to protect themselves and their customers. Thanks to Kamma’s new group supplier deal with Mint Insurance, all Mint Insurance customers will have access to discounted offers of Kamma’s licensing compliance services and tools.
Orla Shields, (pictured) Kamma's CEO, comments: “We’re excited to be partnering with a market leader specialising in servicing the insurance needs of property professionals like Mint. We continue to seek out new partners that we know will further our mission and support us in helping agents reduce risks and increase regulatory compliance in the property sector. This partnership helps agents dramatically reduce their risks and does so in an operationally efficient way”.
Oliver Wharmby, Mint Insurance brokers director, adds: "We are always looking at ways to mitigate risk, promote good practice and add value for our policyholders. Licencing is a growing area of concern which is noticeably affecting more and more agents. Kamma’s unique proposition will help agents manage their risk and avoid fines and potential brand reputational damage. With new legislation constantly being introduced and existing legislation ever-evolving, we hope our partnership with Kamma will raise awareness and help protect agents who operate in the PRS."
