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

In the fast-paced world of property management, letting agents face a myriad of challenges, with client money management sitting high on the list of priorities. Ensuring the safety and transparency of client funds is not only a legal obligation; it’s good business practice.

Following a series of high-profile account closures, Propertymark has written to the Rt Hon Jeremy Hunt MP highlighting the ongoing issues and pushing for action from the UK Government to find solutions that reduce barriers for letting agents to operate.

Following the launch of Propertymark’s Calm About Compliance service in December 2022, designed to help property agents navigate the myriad of sector laws, regulations and guidance, we are partnering with PayProp to trial an extra service where agencies no longer incur costly annual accountant reports and health checks.

Letting agents can suffer from ‘choice overload’ when it comes to client accounting solutions, and with such a myriad of options available there has never been a better time to outsource. Choosing the right outsourcing provider is crucial to continued business success, so it is paramount that agents understand their options.