Fact sheet: The Letting Agent Code of Practice (Scotland) Regulations 2016

By keeping money ring-fenced from other business activities agents can use a client account for the sole purpose of handling and distributing deposits, rents, and fees and client accounts come in a few guises – designated or pooled/undesignated.

Requirements and expectations have been clarified in an update provided to Scotland’s private rented sector (PRS), particularly on training and registration.

Propertymark received a report that a letting agent in Kensington and Chelsea has been issued a fine of £20,000 for not belonging to a Client Money Protection scheme, despite applying to join one. The case underlines the importance of having Client Money Protection (CMP), with Trading standards taking action even when an application is in progress.

14 applications from agents requesting a letting agent register number (LARN) have been refused by the Scottish Government, with the specifics for the refusals not yet specified in the most recent update, however, details for some of the refusals will be published shortly.