Over Easter you may have seen the Government announced some important updates relating to the private rental sector. Some key points are listed below:
- An independent regulator and code of practice for letting and managing agents.
- Possible prosecution for agents breaking the code, with criminal sanction.
- Letting and managing agents will be required to obtain a nationally recognised qualification in order to practice.
- At least one person in every organisation will be required to have a higher qualification.
- All letting and managing agents must undertake continuing professional development.
- Agents who fail to comply will not be allowed to trade.
It is expected these changes will come into force early next year. We very much welcome these changes which should see improved regulation of the industry. Moreover our Central Office are expected to be involved in the development process of these new regulations.
A further announcement in the industry is that Client Money Protection (CMP) will become compulsory for all agents with repercussions for those who fail to abide being in the form of a civil penalty of up to £30,000. This is another change that Belvoir fully welcomes as we have always had CMP in place as best practice.