The Office of Fair Trading (OFT) is consulting on its future approach to supervising estate agents and certain credit lenders under the Money Laundering Regulations 2007 and the appropriate fee structure.

To date, the OFT has operated an interim compliance monitoring regime. The regulator is now looking for views on a more appropriate model for monitoring and enforcement activity for the longer term.

The consultation covers identifying those who have not registered with the OFT monitoring and enforcement penalties, andfuture fee structures.

The OFT has a duty to supervise effectively estate agents and certain consumer credit lenders (known as CCFIs).

John Parker, OFT director of Anti-Money Laundering, said: “This is an opportunity for firms that fall under our supervision to have their say on the best way for us to meet the obligations set out in the Regulations.