HMRC have recently confirmed that best practice involves checking the ID of both sellers & buyers and taking the same approach with lettings despite lettings not being covered by the 2007 Money Laundering Regulations.
The Regulations are due for revising in 2017. This course will help you comply now and get ahead of the game for the future.
Unlike the, now repealed, Property Misdescriptions Act, Consumer Protection Regulations 2008 apply to both sales and lettings. They are also much wider reaching and more challenging to comply with.
STOP PRESS
From April 2016 there are new regulations regarding the control of companies that everyone in the property industry should take note of and action. There will be a mandatory requirement for Limited Companies and LLPs to produce a PSC (person with significant control) register. This will affect all UK registered businesses . It will also impact, hopefully positively, on verifying ID where companies are involved in a transaction.
This updated programme will cover this new legislation.
THE PROGRAMME
Consumer Protection Regulations and Money Laundering Regulations are two of the most important sets of regulations that apply to the sales and lettings industry.
The demise of the Property Misdescriptions Act left Consumer Protection Regulations, with their far wider reaching mandate, as the legislation under which the industry has to operate.
Trading Standards have recently issued new guidance for agents which indicates their concerns and the need to comply.
The cost in terms of redress and loss of goodwill by failing to comply is something that no sales or letting agent should put themselves at risk of.
Money laundering is a huge issue and was highlighted recently in a Channel 4 TV exposure of London agents (From Russia with cash).
Money Laundering Regulations place six key requirements on agents in order to be compliant.
One of the six mandatory requirements is to ensure that all staff are trained and aware of their responsibilities.
Huge fines have been levied against agents for non compliance.
HMRC indicated in a webinar aimed at estate agents in January 2016 that checking the ID of buyers and not ignoring money laundering in regards lettings business were areas agents needed to include in their "customer due diligence" and "know your customer" processes. It is likely that these will be included in updated regulations scheduled for 2017.
This programme will highlight the potential issues and offer practical solutions and tips to help you operate both commercially and compliantly.
DATE & TIME
Hammersmith - Tuesday 1st March 2016
Time: 9.45am-12.15pm
LOCATION
Hammersmith
Holiday Inn Express
124 King Street
Hammersmith
London W6 0QU
Less than five minutes walk from Hammersmith Underground Station (Piccadilly, Hammersmith & City and District lines)
COURSE FEE & BOOKING ARRANGEMENTS
Just £65 plus VAT (£78) per delegate.
A discount to £60 plus VAT (£72) per delegate for 2 delegates from the same business, booking at the same time or £55 plus VAT (£66) per delegate for 3+ delegates from the same business, booking at the same time, will apply.
Email: enquiries@integra-ps.com
To confirm your booking (please provide name(s) of delegates, contact details and the location and date of programme to be attended) and we will issue a VAT invoice for payment. See terms and conditions below.
TERMS & CONDITIONS
All applications will receive a confirmation letter, map and a VAT invoice (or receipt if applicable). The person booking is responsible for supplying the correct contact information.
Email confirmation will usually take place within 24 hours of making the booking. If the person booking receives no confirmation email, they are responsible for contacting Integra Property Services to request an alternate copy.
Substitute delegates may attend at no additional cost. Refunds in respect of cancellations can only be made if cancellations are received in writing at least twenty one days before the event, and will be subject to a 50% administrative charge. Cancellations received after this period will be charged 100% of the course fee. Please note that non attendance (without prior notification) is subject to a 100% cancellation fee.
Integra Property Services reserve the right to alter the venue, the programme and/or the speakers at any time and without prior notice, and also reserve the right to cancel an event, in which case all fees will be refunded.
All fees should be paid prior to the event. Invoices raised within 30 days of the event, or less, become payable within 5 days after the date of invoice.
Integra Property Services reserve the right to charge interest on any outstanding debts at 3% above Nat West base rate per month or part thereof