Latest News

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When it comes to choosing an outsourcing company what can you do to make sure they’re the right partner for you? Read More...

The importance of looking after your employee’s mental health

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New rules for landlord registration in Scotland

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From 16 September 2019, the information that landlords are required to provide to register or renew their application on the National Landlord Register has changed. 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.