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

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