The government has announced its commitment to introduce independent regulation for property agents. This move is seen as a significant development for both consumers and the property industry.
Lesley Horton, Chief Ombudsman for The Property Ombudsman (TPO), stated that for these reforms to make a meaningful difference, regulation and independent redress must work in conjunction. TPO highlighted that consumers often expect redress providers to act as regulators, expressing frustration when stronger powers are not available.
TPO currently collects data from initial enquiries and formal disputes, which it believes could serve as an early warning system for emerging market risks. The organisation suggests this intelligence should inform the new regulatory framework to avoid creating parallel systems.
The government has confirmed the principle of independent regulation, licensing, and qualifications. However, further details regarding the structure and operation of the new regime are yet to be released.