Letting agent client account update
As we reported in CLA enews, dated 15 June 2018 the government has decided to change the letting agent registration application website to allow those who haven’t yet been able to set up a client account or client money protection insurance to submit their application before the 1 October 2018 deadline. The website has now been amended to allow this.
Where an applicant indicates that they do not have these requirements in place, the registration team will contact them for further information about the steps they have taken, and continue to take, in order to comply with the legislative requirements. Applicants must have a suitable client bank account and insurance in place before they will be admitted to the register.
Agents who don’t yet have a suitable client bank account should continue to try to obtain one and explore all options open to them. A number of banks are in the process of implementing a new approach which should allow those in this position to apply to open a suitable pooled client account.
For further information please read this statement from the Scottish Government: Scottish letting agent register - client bank account update Aug 2018 (27 downloads) .