Timothy Douglas, Head of Policy and Campiagns for UK estate agent trade body Propertymark comments on the Economic Crime Bill which has received Royal Assent and mandates a register of overseas entities and beneficial owners of real property assets.
The housing market cannot maintain integrity until it is possible to know who the ultimate owner of a property is.
The register will help to do this and strengthen existing checks carried out by agents, but only when information on the Register can be verified which will require further legislation to provide extra powers for Companies House.
The legislation is four years too late, and whilst the issue is finally being addressed, it seems the real benefits will come in the second economic crime Bill.
Timothy Douglas is Head of Policy and Campiagns at Propertymark, a trade body representing estate agents in the United Kingdom. Formally the National Association of Estate Agents, (NAEA) Propertymark now encompasses NAEA, ARLA (Association of Letting Agents), NAVA (National Association of Valuers and Auctioneers) and Propertymark Commercial Property Agents. Propertymark works closely with all UK Government’s across England, Scotland, Wales and Northern Ireland.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Advertising helps bring you fresh independent content. Please disable the adblock plugin or settings in your web browser to access the content you are trying to reach on www.fmindustry.com.
