The House of Lords Industry and Regulators Committee has urged the Government to get on with establishing a property lettings and managing agents ombudsman after four years of inaction despite having committed to the idea.
The Government recognised the case for addressing the “overwhelming evidence of the harm that some people experience” when dealing with letting agents and managing agents in 2017, when it first proposed introducing regulation of property agents to protect leaseholders and tenants in the private rented sector.
As a result, the committee is calling for: legislation to establish a new regulator, or, at the very least, a full published response from the Government to the report of the Working Group that recommended establishing one; mandatory qualifications for property agents including dealing ethically with consumers; industry codes of practice operated by the new regulator, focused on achieving good outcomes for consumers; a Memorandum of Understanding to be agreed between the new regulator, National...
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