Government Launches Consultation on New Code of Practice for the Property Sector

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Today the government launched its Consultation on a new Code of Practice (COP) which will be the central point of the work undertaken by the new industry regulator, yet to be appointed.

The COP will set the standards and benchmark with a mission to promote a higher element of faith in the property sector. There are references to transparency currently addressed by the CMA and Trading Standards, Referral Fees, Client Money Protection Regulations, Redress and Complaints, along with the collection and management of data.

This New COP will apply to :

  • Property Sales/Purchases

  • Property Lettings and Property Management

  • Property Auctions

  • Property Guardians, a new initiative used by Landlords, commercial and residential

  • Rent-to-rent

  • International property agents and brokers

The New Code will be an overarching Code which will sit above Specific Codes of Practice, which will include but is not limited to Residential Property Sales – Estate Agents, Residential Property Lets – Letting Agents, Residential Leasehold Management - Leasehold Management Agents, Retirement Housing Management - Retirement Housing Managers, Auctions & Auctioneers, Build to Rent.

The overarching Code will require that agents (ALL DISCIPLINES) will adhere to the following:

  • Agents MUST be fit and proper persons.

  • Agents MUST ensure that all staff have been given proper instructions and training about complying with relevant laws and the requirements of this Code applicable to their role.

  • Agents MUST ensure that all staff are trained to deal with consumers and colleagues in a manner that encourages and respects equality, diversity, and inclusion. There will be reference to Equality and Human Rights.

  • Agents MUST ensure that staff are qualified to the levels specified by the Regulator, trained, and hold the appropriate licence (where applicable) to undertake the responsibilities delegated to them.

  • Agents MUST maintain documentary evidence showing the training provided to all staff and individuals' ongoing training required to meet the relevant Continuing Professional Development (CPD) requirements.

For further information and to consult, https://consultations.intstandards.org/consult.ti/ropa/consultationHome

For further information on the qualifications we offer contact - info@guild-let.co.uk

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