Regulation of Property Agents

Have your say

Your input will inform the working party tasked with considering the entire property agent sector to ensure any new regulatory framework is joined up across letting, property management, and estate agents.

We ask that your responses be no more than 2,000 words. We would recommend that responses focus on the areas of greatest interest to you and your organisation, so there is no need to answer all the questions.

Please complete the survey by 20th February to enable us to collect all information ahead of the meeting.

Thank you for your assistance.

The Guild of Property Professionals

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* 1. Is there an existing body that is able to perform the role of the regulator for property agents or does a new one need to be established?

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* 2. The Financial Conduct Authority delegates limited elements of its supervisory role to Designated Professional Bodies (DPB). For example, for a firm to conduct most investment business they need to be approved by either the FCA. ICAS (the DPB) authorisation allows businesses to conduct limited services for private businesses and to support authorised third parties.

A) Would a similar regime, not necessarily involving the same organisations, be appropriate for property agency?

B) How could this be done while avoiding conflicts of interest for the professional bodies?

C) What responsibilities are appropriate for a designated professional body?

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* 3. What powers should the regulator need to:

A) Authorise

B) Supervise and

C) take enforcement action, where appropriate, against firms or individuals?

D) Should the lead relationship be with firms or individuals?

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* 4. What resources will be needed for the regulator to carry out these duties? How should it gather and use intelligence?

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* 5. Currently, enforcement of property agent legislation is mostly carried out by trading standards teams. The National Trading Standards Estate Agency Team (NTSEAT) acts as lead enforcement authority for estate agencies in the United Kingdom, while the Tenant Fees Act 2019 makes provision for appointment of a lead enforcement authority for lettings in England.

How should responsibilities be distributed between the regulator, lead enforcement authorities (if required), and local trading standards teams under the new regulatory framework?

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* 6. Should the regulator be accountable to Parliament or Government?

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* 7. How should they be accountable?

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* 8. How can the regulator remain agile, so that it can stay on top of a fast-moving industry?”

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* 9. How should the regulator interact with

A) Alternative Dispute Resolution?

B) Consumers?

C) Government?

Regulation of Property Agents

Have your say

Question Title

* 1. Is there an existing body that is able to perform the role of the regulator for property agents or does a new one need to be established?

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* 3. What powers should the regulator need to:

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* 4. What resources will be needed for the regulator to carry out these duties? How should it gather and use intelligence?

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* 6. Should the regulator be accountable to Parliament or Government?

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* 7. How should they be accountable?

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* 8. How can the regulator remain agile, so that it can stay on top of a fast-moving industry?”

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* 9. How should the regulator interact with

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* 10. What can be learned from the regulatory regimes in operation in the property sector in other countries?