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Displaying 27 results
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14 Jun 2024
Propertymark enters a new era with launch of Propertymark Protection Company Membership

This decade has presented a near total transformation of the property sector with reduced confidence and supply, economic and interest rate uncertainty, dramatic changes in the conduct of consumers, new expectations among the workforce and the introduction of AI, the consequences of which are still being understood. As the only professional body dedicated to supporting sales, lettings, commercial agents, and auctioneers, Propertymark has reassessed not only the services we offer, but the whole structure of membership.

The Letting Partnership logo
28 Mar 2024
Top five reasons to outsource client accounting

Being a letting agent or an estate agent with a letting portfolio demands juggling numerous responsibilities, from property management and tenant relations to day-to-day operations, plus the perpetual quest for new business. However, amidst these demands, being on top of client accounting is paramount.

Lightbulb lit up by coins
13 Mar 2024
Propertymark lobbying leads to hope for pooled client account access

A consultation launched by HM Treasury could be the catalyst for change in the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 and end the ongoing problem of access to appropriate banking services for letting agents, which is the result of banks failing to properly understand how client money protection and anti-money laundering apply to unregulated firms.

The Letting Partnership logo
30 Nov 2023
Compliance simplified: annual client account inspections

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.

Lots of doors
07 Aug 2023
The Chancellor needs to act on the closure of pooled client accounts

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.

The Letting Partnership logo
24 Jul 2023
Compliance basics should not be ignored

The introduction of the Renter's (Reform) Bill resulted a lot of media coverage, with agents and landlords voicing valid concerns about the potential impact of future legislation on their businesses. However, it is important to note that the Bill has not yet become law and is still undergoing scrutiny and possible amendments.

To let board sign
11 Jul 2023
No hiding for agencies that don’t have client money protection

Fines totalling £12,000 have been handed out to six letting agents in the London Borough of Haringey after a crackdown by Trading Standards.

Compliance word cloud
26 May 2023
PayProp keeping property agents compliant

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.

Client Money Protection
27 Feb 2023
Understanding client accounting options for letting agents

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.

Client Money Protection
15 Nov 2022
No hiding for agencies with no CMP

A landmark case of an agent being issued a five-figure fine for failing to follow CMP regulations has brought the legislation back into sharp focus.

Parent and child holding a piggy bank
11 Oct 2022
The removal of undesignated client accounts

On 10 January 2020, the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 came into force. This required letting agents who manage properties with monthly rental incomes of €10,000 or more (or equivalent amount in a Member State) to comply with anti-money laundering regulations.

FAQ Abacus.jpg
11 Oct 2022
FAQs: Client Accounting Service Providers

Letting agents who manage properties which yield an income of 10,000 Euros or more a month (or equivalent amount in each Member State) have to comply with anti-money laundering regulations. Despite how the Regulations specifically only affect a small portion of properties, many banks refused to allow letting agents to open new pooled client accounts.

Payprop logo
06 Sep 2022
How PayProp can help with CMP insurance

Valid client money protection (CMP) insurance is a legal requirement for any letting agency that handles client money in England, Scotland and Wales. Agencies that flout this rule could face warnings, fines, and in some cases bans.

Hands pointing at tablet device with financial graphics overlayed
18 Aug 2022
Benefits of a Client Money HealthCheck

Annually, Propertymark PPD (Principal, Partner or Director) members have to submit a Client Money Examination Report to be inspected as part of their membership, and for every company, they are legally responsible.

The Letting Partnership logo
17 Mar 2022
Benefits of having a client account

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.

Nottingham skyline with prominent view of Radford flats tower block
23 Sep 2021
Block Management Sector Code

The RoPA Steering Group recently consulted on its draft Block Management Sector Code as part of its commitment to elevate standards within the sector.

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