New rules for agents announced

Published on Tue, 3rd Apr 2018 08:42

The Government published the results of its consultation on ‘protecting customers in the letting and managing agent market’

They propose to:-

  • Introduce a new mandatory code of practice for all letting and managing agents;

  • Require all agents to obtain a nationally recognised qualification in able to continue practicing, additionally

  • at least one person from every office must be qualified.

  • There will be a new independent regulator who will be responsible for the working practices of the agencies, and will be able to issue criminal sanctions if necessary.

  • Agents will also have to join a new Client Money Protection (CMP) scheme, with fines of up to £30,000 for not complying.

  • All letting and managing agents will be required to undertake continuing professional development to maintain their knowledge.

There is also help for leaseholders:-

  • a new system to help leaseholders challenge unfair fees including service charges.

  • Support for leaseholders to switch their managing agents where they perform poorly or break the terms of their contract.

 

Housing Minister Heather Wheeler said: “Most property agents take a thorough and professional approach when carrying out their business, but sadly some do not.

“By introducing new standards for the sector, we will clamp down on the small minority of agents who abuse the system so we can better protect tenants and leaseholders who find themselves at the end of a raw deal.”