Service Charge Protection dropped by Government

Grant Shapps, the Housing Minister, will not be introducing the long-awaited accounting regulations which would have afforded protection to flat owners service charge money. The announcement follows Shapps decision earlier this year not to introduce formal regulation of the property management sector.

Managing agents are dismayed.  Brett Williams, Chairman of ARMA said, “….we are given to understand [Shapps] reason is to reduce the regulatory burden. On whom? The very rogues who do not handle lessee money properly.”