Now introduced in Scotland , there are stringent new directives that must be adhered to for any business that would fairly be described as a letting Agent or some derivative thereof. These set out standards of practise which should ensure that all Agents are fully equipped to provide a professional service and that as an industry a benchmark level is implemented across the board.
The areas covered are : Approved system for the handling of client money , both tenants and landlords alike. All Agents having professional Indemnity Insurance . Agents being listed on a register of approved businesses. This approval being dependent on certain basic training standards being met.
Ministers will have the power to obtain the necessary proof that compliance has been observed and powers to address any breaches of the code.
Agents must have written processes to cover the need for identity checks , proof of ownership , reference checks , proper tenancy agreements , management of the properties , key handling and staff training.
Agents must have detailed records of all qualifications held by the principal , Partner or Director who would have hands on responsibility for overseeing the actual letting process or active involvement in same. Such persons must have a plan for continuing professional development and staff training .
All Agents must be in a position to offer a separate client account and must have client money protection insurance.