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Lettings agents must protect the interests of landlords, tenants, and their agencies, so understanding the basics of deposit protection is key and knowing the do’s and don’ts will help minimise disputes and reduce the risk of costly penalties.
After the invasion of Ukraine, the UK Government took steps to address growing concerns of money laundering and other economic crime from Russian and foreign entities operating in the UK or with UK companies. This led to the introduction of the Economic Crime (Transparency and Enforcement) Act in March 2022.
Propertymark members have backed proposals to ensure tenants in Northern Ireland are given a range of ways to make rent and other related payments. The Department for Communities has been consulting on provisions in Section 12 of the Private Tenancies Act (Northern Ireland) 2022, which would allow them to enforce regulation on the methods of payment that should be offered.
Figures released by the Institute for Fiscal Studies (IFS) back up evidence given to the Department for Work and Pensions (DWP) Commons Committee by Propertymark on 28 June 2023. Head of Policy and Campaigns Timothy Douglas warned MPs of vulnerable tenants being priced out of the market.