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ARHM CODE REVIEW 2013 John Mills. Consultation Responses n Separate Bank accounts n Balance sheets & ICAEW guidance on accounts n Call centres n My grammar.

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Presentation on theme: "ARHM CODE REVIEW 2013 John Mills. Consultation Responses n Separate Bank accounts n Balance sheets & ICAEW guidance on accounts n Call centres n My grammar."— Presentation transcript:

1 ARHM CODE REVIEW 2013 John Mills

2 Consultation Responses n Separate Bank accounts n Balance sheets & ICAEW guidance on accounts n Call centres n My grammar

3 Principles of Management n States key principles you have to follow n Be transparent in all dealings n “Not profit from the provision of services required in leases except for a management fee which includes a profit element or surplus.” n Shoulds are not optional

4 Statement of Duties n What you will do for your management fee? n Could be part of a handbook or website n There is a fixed list that all managers should carry out for your fee n Not allowed to chop and change from this list n Plus a list of additional duties

5 Protection of lessees’ monies n Private landlords and agents must keep in trust –S Act n Registered providers exempted n BUT code requires separate bank accounts for each scheme n Easy software available from banks n Helps transparency-S22 requests

6 Annual service charge accounts n Out within 6 months of year end n Always have a balance sheet n Follow best practice in ICAEW et al technical release n To produce any accounts means you must have some balance sheet figures

7 Audits etc n Current code says audit- a fair summary n Follow guidance in ICAEW technical release n Do what the lease says first n External examination by an independent accountant if cost allowed n Can be an audit if required by lease or a report on factual findings

8 Insurance and Any Other Commissions n Should only be taken in return for a service of equivalent value n If not theft n Be disclosed to all lessees annually with accounts n Be agreed with RTM/RMCO as part of contract n And disclose any other sources of commission from services

9 Associated Companies n If used for provision of services must always be a competitive tender n Includes call centres, DLOs, entry phone, insurance brokers n No contract for more than 3 years n Re-tender or benchmark on renewal

10 Transfer fees n Follow OFT’s views n Do not charge for subletting, inheritance, equity release or mortgages n Is it an administration charge or not? n Provide details to purchasers

11 Complaints Handling n All ARHM members must join an independent ombudsman scheme n The member must join, not individual schemes. n This is not a choice n Private companies have a choice of ombudsman

12 What next? n Write impact assessment n Code to go to government for approval

13 In Other News

14 LVT Changes n Name changes 1 st July n First-tier Tribunal (Property Chamber) n NOT in Wales n Impact on summaries of rights and ground rent notices

15 4G & TV reception n Affects Freeview n Free filters but you pay to fit n Register your properties n When? London asap

16 Smart Meters n When? Third quarter 2015 n Where? All domestic and commercial premises in UK n How in flats? Not clear

17 ARHM CODE REVIEW 2012


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