Automated client accounting platform Lettspay is set to launch a new client account banking product for letting agents.

The supplier has worked with the Department of Levelling Up, Housing and Communities to create the product, which will be launched at an invite-only event next month. 

Lettspay says the product is CASS (Clients Asset Sourcebook) compliant and will meet or exceed requirements including client money protection schemes as designated by DLUHC.

Each client account is also guaranteed under FSCS protection, meaning £85,000 of funds in the account are guaranteed if the banking partner fails.

Lettspay chief executive Garrett Foxon says: “The last year or so has been a fraught one for client accounting within the lettings sector as traditional High Street banks have been imposing increasing compliance requirements on letting agents and property managers and, in many instances, threatening to close or even actually closing down, non designated client accounts, causing immense difficulties for everyone involved.

“After our launch in October we will be working with the dozens of agents who have already registered interest with us to implement the new solution.”