18 July 2019
Lord Best’s recommendations into the Regulation of Property Agents Working Group report were published this morning (see here).
Nigel Howell, Chief Executive at FirstPort, said: “The significance of this report shouldn’t be understated and we welcome its findings. Bold and balanced regulation for residential managing agents can address many of the most common concerns in our property system – whether leasehold or commonhold – by mandating that property agents provide greater choice to residents about their homes, explain financial matters more clearly, and improve overall standards.
“The measures proposed by Lord Best and the working group will significantly strengthen the principles of good practice already adopted by the best operators in the sector, while exposing the worst excesses and weakest performers. By establishing an independent body, appointed to oversee every member of the industry, this will ensure all those who discharge responsibilities for people’s homes are properly trained, qualified and licensed under a single set of rules.
“As an industry, we need to earn the confidence of our customers. It’s particularly pleasing to see the report building on and strengthening the existing regulatory framework, paving the way for a swift route to change and removing the requirement for a raft of slow moving reform legislation.”