Latest News

Propertymark's predictions for 2019

14 December 2018

Last week, we took a look back at 2018 and analysed how the market has changed over the last 12 months, but today we're peeking into our crystal ball, to see what's to come in 2019. Read More...

Propertymark Protected agency launches its 2020 green vision campaign

13 December 2018

ARLA Propertymark Protected Newton Property, one of Scotland’s leading lettings companies, has this week launched its national 2020 Green Energy Vision campaign helping Scotland embrace a more sustainable, environmentally-friendly future. Read More...

Double-edged sword as cost of student lets rises

10 December 2018

Universities across the UK have seen student numbers escalate over recent years and they had to turn to the private sector to help ensure supply of accommodation. According to a report released last week by Unipol and National Union of Students (NUS), this has been a double-edged sword, bringing both benefits to students, and cost implications. 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.