Better than expected UKALA membership figures largely as a result of a new benefit
10th Jun 2021

Better than expected UKALA membership figures largely as a result of a new benefit

Better than expected UKALA membership figures largely as a result of a new benefit.

The UK Association of Letting Agents (UKALA) has announced a robust membership result for its year end.

Membership has grown to over 1100 members, some with multiple branches, which is a significant growth over the pandemic period. Tim Clark, UKALA Chairman says: “These results are excellent, given the tumultuous year we have just gone through. We actually revised our forecast figures down a year ago to, at best, maintain our membership levels and, despite losing a number of smaller agents as a result of the economic situation, we have had unexpected growth. We feared a decline, as we tend to appeal to the smaller agent – most of whom have had a very tough year as a result of the pandemic. A recent survey of members seems to suggest new members have joined largely due to our innovative partnership with the retail bank Metro”.
The partnership allows agents that don’t have a client ring-fenced account (now a legal requirement) to get one at the same time as they apply to UKALA for membership which includes Client Money Protection (CMP),
Tim Clark continues: “The unique relationship between UKALA and Metro Bank enables letting agents to avoid the chicken and egg situation of not being able to obtain Client Money Protection (CMP) cover without having a ring-fenced client account and then finding that the banks won’t give them a client account unless they have CMP cover in place. It’s a situation many, particularly new, letting agents are finding themselves in”

UKALA’s single membership fee gives members a package that includes CMP and a redress scheme membership – both legal requirements – as well as a number of other benefits, including a recently-launched range of products to give enhanced advice on-line and via telephone as well as a library of information and documents, webinars and training.

The UK Association of Letting Agents (UKALA) is a professional membership body that supports its letting and management agents members to stay legally compliant in an ever-changing regulatory environment.
Based in central London, it represents the interests of members across the UK, working with govern-ment on new legislation, in an advice capacity, and sits on many committees and policy input bodies.
UKALA membership is a single annual fee, based on the amount of client money a member business holds. It offers to improve standards through professional development and makes compliance easier by giving automatic membership of both a government-approved Client Money Protection scheme and an Independent Redress Scheme plus a range of commercial discounted benefits as well as advice services, publications, newsletters and documents.
UKALA is member-owned and run for the benefit of members. Membership is currently over 1100.

About Metro Bank PLC
Metro Bank was founded on the idea that you should be able to bank when it suits you. That’s why our stores are open 7 days a week, from early ’til late.
You can make payments and manage your money online or on the move with our mobile app.
Need to talk to someone about your account? Our London-based team are on hand to answer your questions day or night.

We offer a full range of business banking products and services, from bank and deposit accounts to cash management and payment services, all backed up by a commitment to really great customer service.

Our accounts are designed to take the hassle out of banking, leaving you more time to focus on running your business.

  • Small business owners can walk into a store and start opening an account, no appointment needed
  • Businesses with £2 million-plus annual turnover can simply speak to their Local Director to start opening an account
  • Switch your existing account to us quickly and easily
  • Access and manage your money 24/7 with our app, on the phone or online
  • Our stores are open 7 days a week, 362 days a year
  • We’re here to support your business, from our sector services teams to Local Business or Relationship Managers.

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Martin Miller