Client account banking tool for agents launched

Boss Garrett Foxon of LettsPay says he has been working with the Department of Levelling Up, Housing and Communities to ensure new system is compliant.

Lettspay is launching it own Clients Asset Sourcebook (CASS) tool next month – a banking solution for letting agents and property managers that will help with non-designated client accounts and client money protection scheme membership.

Under Financial Conduct Authority rules firms must follow rules set out in its Client Assets Sourcebook (CASS) whenever they hold or control client money or safe custody assets as part of their business.

DLUHC

Lettspay says it has been working with the Department of Levelling Up, Housing and Communities (DLUHC) to ensure its latest offering ticks all the right boxes and will launch the solution at an invite only event in October.

CASS has been designed to protect customers (both individuals and businesses) and is claimed to meet or exceed all requirements under industry specific regulation including client money protection schemes as designated by DLUHC.

Garrett Foxon (main picture), Lettspay Chief Executive and Founder, says as well as helping businesses increase efficiency, compliance and profitability, each client account will also be guaranteed under FSCS protection, meaning £85,000 of funds in the account are guaranteed if the banking partner fails.

He says: “The last year or so has been a fraught one for client accounting within the lettings sector.

“Traditional High Street banks have been imposing increasing compliance requirements on letting agents and property managers and threatening to close or even closing down non designated client accounts and causing immense difficulties for everyone involved.”

FUTURE PROOFED

He adds: “Our automated client accounting solution has been operating successfully for a number of years now and this next development and banking solution will ensure that agents using our platform retain all of the benefits of automation and also have a future proofed and compliant bank account solution.

“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.”

https://thenegotiator.co.uk/officially-approved-client-account-banking-tool-for-agents-launched/

Robyn Hall - The Negotiator