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.”
A new survey reveals that the safety of client funds is...
Letting agencies should review banking and payment systems in the light of...
Letting agents have only 10 days to open segregated client accounts...
/parliament400x310.png)
Private rental property conditions and the enforcement of regulations by councils...
We all know that first-time buyers have had a tough time...
There was a long-awaited return to the House of Commons this...
Last weekend a story by The Sunday Times’ Deputy Political Editor...
You don’t have to simply accept things as they are when...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
Let's be honest – landlords are the lifeblood of any letting...
Attention estate agents: if you're looking for a bumper Christmas bonus,...
Houses in Multiple Occupation are making up an increasing percentage of...
The government has written to Conservative MPs promising changes to the...
There’s been at most a one per cent reduction in landlords...
There’s been at most a one per cent reduction in landlords...
Tenant groups and charities reacted angrily over the Easter weekend to...
Michael Gove’s Department of Levelling Up, Housing and Communities hit back...
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Be the first to comment (please use the comment box below)
Please login to comment