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Lettings management boss banned for “abusing” deposits

The Department of Business has banned the director of Woodhouse Residential Lettings Limited for six years for failing to protect customers deposits.

The ban prevents Kari Jade Ridout from acting as a director or being directly or indirectly involved in the promotion, formation or management of a company.

The Dorset-based letting agency operated a government-backed custodial deposit scheme where, in accordance with the Housing Act 2004, the company claimed to safely hold onto tenants’ deposits on behalf of its landlords.

However, the Insolvency Service’s says Ridout collected £34,610 worth of deposits from tenants in relation to 24 properties and used the money on running her company.

The decision for the disqualification was undertaken on 16 November 2018 by the Secretary of State, and is effective from 7 December 2018.

Insolvency Service’s Deputy Head of Insolvent Investigations Jane Knight says: “Kari Ridout failed to safeguard the deposits she was entrusted to hold onto, resulting in losses to both landlords and tenants.

“Her conduct fell short of what is required of a director of a limited liability company and her disqualification will act as a deterrent to others from similar conduct in the future.”



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England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.


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