Date lodged: 16 March 2018
To ask the Scottish Government what action it is taking to ensure that letting agents are able to comply with the separate client bank account provision of the Letting Agent Code of Practice.
Answered by: Kevin Stewart 4 April 2018
The Scottish Government is liaising with UK Finance, HM Treasury and a number of individual banks to address concerns that some letting agents have been unable to open a suitable undesignated client bank account. This engagement has led to increased access to client bank accounts for this group, although this may mean moving to an alternative bank.
However, the Scottish Government is aware that some agents are continuing to experience difficulties. Officials will continue to work with UK Finance, UK Government, HM Treasury and individual banks to enable letting agents to comply with the client money requirements of the Letting Agent Code of Practice.