Letting agent client account update

CLA members are still reporting to us that some banks are not able to offer them a client account as required for compliance with the Letting Agent Code of Practice. We are also aware that the Bank of Scotland has written to some agents to withdraw the client accounts they’ve had set up for many years. Banks we know do offer these accounts to letting agents are:

HSBC
Clydesdale – who have advised agents should call 0800 032 3971 and ask for a “Professional Firms Client Account”
Royal Bank of Scotland

An alternative to setting up a client account is Payprop which is an automated payment and reconciliation platform specific to the lettings industry.

If you need information about any aspect of letting agent registration and code compliance please ask us for an advice call back.