FAQs: Economic Crime and Corporate Transparency Act 2023
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.
Home improvement scam alert
Property agents should be aware of potential risks and help educate their clients and tenants to be on the lookout for common scams, especially with growing awareness that decarbonising homes is on the UK Government's agenda.
Letting to tenants on the Sex Offenders Register
Laws regarding renting to individuals on the sex offenders register can be a minefield but landlords may have the legitimate right to consider an applicant's criminal history when making decisions about renting a property.
Tenant imprisonment
The ability of one tenant to remain in occupation when another tenant is imprisoned can depend on several factors, including the specific terms of the tenancy agreement and the relationship between the tenants.
What Anti-Money Laundering procedures are letting agents responsible for?
Letting agents who deal with properties that have monthly rents equivalent to €10,000 or more have responsibilities under Anti-Money Laundering (AML) regulations to prevent their services from being used for money laundering or terrorist financing activities.
Propertymark calls for elimination of abhorrent 'sex for rent'
Responding to the Home Office's call for evidence on the exchange of sexual relations for accommodation, Propertymark vehemently outlined every effort must be made to eliminate this practice completely.
Landlords to be given more powers to evict unruly tenants
The UK Government has announced an action plan to crack down on anti-social behaviour giving more powers to the police to target perpetrators with swift and visible justice in England and Wales.
Fact sheet: Cannabis farms in tenancies
Production and possession with the intent to supply is a criminal offense which can carry up to 14 years in prison and an unlimited fine. Landlords and agents who are aware or have suspicions of a Cannabis farm in one of their properties can be liable under law and face the same penalties.
Competition Market Authority draft Guidance on the operation of the UK Internal Market Functions
Views on draft guidance for the UK internal market function and the role of the Office for the Internal Market (OIM), which was created to carry out independent advice were sought by the Competitions and Markets Authority (CMA).
New guide helps agents stay on the right side of competition law
The Competition and Markets Authority (CMA), together with the Institute of Risk Management, has published a new edition of its short guide on competition law risk that will help agents to identify and reduce competition law risks.
Cheating or competing? Ignorance won’t help agents who break the law
The Competition and Markets Authority (CMA) has issued a warning to businesses with a new campaign, which asks firms if they are Cheating or Competing? The campaign helps businesses to stay on the right side of competition law. For businesses found to have broken the law, pleading ignorance will not be a defence.
CMA gives details of cartel investigation and sanctions
The Competition and Markets Authority (CMA) has published its decision on a cartel of Berkshire estate agents where they conspired, for seven years, to set minimum commission rates where they were the top agents.
Estate agents fined over half a million pounds for price fixing
Three Berkshire estate agents have been fined more than £600,000 for illegally fixing the minimum commission rates they charged their customers.
Four agencies investigated in latest cartel case
The Competition and Markets Authority (CMA) provisionally found four agencies of breaking competition law by taking part in a price fixing cartel.
2019 Propertymark Scottish National Conference — informative and educational
With the threat of hurricane Gareth looming, it didn’t put off the hardy Scottish estate and lettings agents from ascending to Glasgow on 13 March for a programme filled with heavy legislation issues mixed with a touch of light-hearted tips and information.