The Property Ombudsman to revise code

Published on

property-ombudsman-tpo

The Property Ombudsman (TPO) scheme will be issuing revised Codes of Practice for sales and lettings agents from next month. The move is designed to improve standards in the industry and ensure consumers are treated fairly.

The Codes, which will be effective from 1 August 2014, reflect the developments in industry practice and legislative changes affecting both consumers and agents.

More than 28,500 sales and lettings offices have registered with TPO and follow its Codes of Practice which provide a set of standards to ensure registered firms exercise best practice and comply with relevant primary and secondary legislation.

Christopher Hamer, the Ombudsman, said: “The revised codes incorporate the many changes in legislation that have occurred over recent years, emphasising the importance of adhering to the Consumer Protection from Unfair Trading Regulations and the new 14 day cancellation period. They represent a comprehensive set of standards by which agents should run their businesses, leading to reduced risk for the consumer, fewer complaints and consistency across the sector.”

The Ombudsman applies the Codes of Practice when reviewing consumer complaints to ascertain if a registered agent has breached the required standard, which might result in the Ombudsman directing the agent to pay an award (up to the value of £25,000). The Ombudsman will refer serious Code breaches to TPO’s independent Disciplinary & Standards Committee, which has the powers to fine or expel agents and engage with regulators such as Trading Standards and the Competition and Market Authority.

Both the sales and lettings Codes include an expanded Glossary of Terms to clearly define terms such as ’aggressive behaviour’, ‘average consumer’, ‘harassment’, ‘material information’ and ‘transactional decision’.

Gerry Fitzjohn, chief operating officer, said: “The Codes provide a robust framework in which registered firms should operate. They cover the entire process of selling, buying, letting and renting a property, including information disclosure, offers, deposits, conflicts of interest and the agent’s duty of care. The Codes are widely recognised as an essential tool that TPO agents can use to assure buyers, sellers, tenants and landlords about the fair and honest service they can expect to receive.”

The Codes will be effective ahead of new legislative changes that will make it a legal requirement for all letting agents to register with an approved redress scheme, which is expected to come into force later this year.

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Mortgage searches edge higher year-on-year in February

Mortgage search activity eased back from January’s early-year spike in February, but remained ahead...

Precise waives valuation fees on residential loans up to £400k

Precise has introduced free standard valuations on residential properties worth up to £400,000 as...

The Mansfield trims specialist mortgage rates

Mansfield Building Society has cut fixed rates across its Versatility and Credit Repair mortgage...

Countrywide Surveying Services academy adds to residential surveyor pipeline

Countrywide Surveying Services has reported fresh progress in its training academy after 11 trainees...

Just Wealth posts 63% rise in assets under management as referrals grow

Just Wealth, the financial advice arm of Just Mortgages, said assets under management rose...

Latest publication

Other news

Mortgage searches edge higher year-on-year in February

Mortgage search activity eased back from January’s early-year spike in February, but remained ahead...

Precise waives valuation fees on residential loans up to £400k

Precise has introduced free standard valuations on residential properties worth up to £400,000 as...

The Mansfield trims specialist mortgage rates

Mansfield Building Society has cut fixed rates across its Versatility and Credit Repair mortgage...