Latest News

84% of PRS tenants happy with their accommodation

18 July 2018

The latest English Housing Survey, published by the Government, shows that one in five people in England now live in the private rented sector, a figure that has dramatically increased since the survey's current format was introduced back in 1996/97. Read More...

Welsh Minister expresses concerns over Universal Credit

18 July 2018

Housing and Regeneration Minister at the Welsh Assembly, Rebecca Evans AM has written to the Secretary of State for Work and Pensions Esther McVey, with concerns surrounding the impact Universal Credit (UC) is having on some of Wales’ most vulnerable people. Read More...

Priorities and opportunities for the PRS in Greater Manchester discussed

17 July 2018

Earlier in the month, ARLA Propertymark attended a seminar hosted by the Greater Manchester Authority on local priorities and opportunities for the Private Rented Sector in the City region. Also, in attendance were representatives from industry bodies, housing providers, local authorities and Shelter. Read More...

Banks in Scotland told to offer dedicated client banking

Thursday 12 April 2018

The Scottish Code of Practice, which was introduced on 1 April 2018 made it mandatory that all lettings agents have a separate and dedicated client account.

However, as many agents are finding, some banks are still not offering these types of accounts, which is making it difficult for agents to meet the legal requirements.

We have been applying pressure for Government to take action, and we're pleased that on 5 April Murdo Fraser, Conservative MSP for Mid Scotland and Fife, asked the Scottish Government in Written Statements, what they were doing to resolve this considerable anomaly. On the one hand agents are required by law to place client money in dedicated accounts, and on the other hand, banks have to manage risk, and are reluctant to offer these types of accounts to companies that are in an unregulated industry.

When asked this question, Kevin Stewart replied: "The Scottish Government has engaged directly, or through British Bankers Association/UK Finance, with the following banks regarding (a) undesignated client bank accounts, (b) money laundering regulations and (c) the Letting Agent Code of Practice: Bank of Scotland, Barclays, Clydesdale Bank, HSBC, Lloyds Banking Group, Royal Bank of Scotland, Santander."

Whilst we welcome the fact the Scottish Government is taking action, it's worth noting that we campaigned rigorously for letting agents to be included in the fourth money laundering directive, which sets out which industries are covered by the anti-money laundering laws would have resolved this anomaly and made it easier to reconcile the two opposing laws. 

Keep your eye out for further updates as and when we know more.