Letting Agent Registration - Is There an Anomaly?
Yesterday, 1 October 2018, was the final date by which all letting agents managing residential tenancies in Scotland must have applied to be listed on the new Register of Letting Agents. It will be a criminal offence to continue to practice without having done so. Many have still to apply, and it’s clear that The Scottish Government was, even yesterday, urging firms in that position to do so.
Some agents claim to be finding it difficult to obtain a client bank account, and the government has removed the requirement to have such a client account in order to apply for listing on the register.
Interestingly the statutory Letting Agent Code of Practice, effective from 31 January this year, requires all agents managing residential properties in Scotland to have in place, inter alia, a discrete client bank account and client money protection, and it’s a breach of the Code to continue in business without these.
Are we missing something or is the government really saying that agents who are in breach of the Letting Agent Code of Practice may still apply to be listed on the Register?