Letting agent regulation update

5
Jul

Legislation affecting agents in Scotland expected to come in force in 2018. From then, anyone in Scotland who carries a letting agency work in course of their business will be required to register with the Scottish Government abide by statutory code of practice and adhere for training requirement

The wording of the letting agent statutory code of practice and laid regulations has also been finalized and approved by the Scottish Parliament.

Among other things, the code will require agents to hold professional indemnity insurance and client money protection insurance. However, the latter is not available to agents at present.

The training requirement which letting agents will have to adhere to is still to be finalised and published, but the latest proposal is that all those subject to the training requirement must have obtained a suitable qualification before first registration.

The Landlord Acreditation Scotland and the Chartered Institute of Housing have joined forces to produce a new training course and qualification to comply with the training requirement, known as “Let Well” programme.