- Anti-money laundering (estate agents): HM Revenue & Customs are tasked to look after this area for estate agents
- Estate agents: Talking of estate agents, on 1 April 2014 the OFT’s powers to prohibit or warn estate agents, and to authorise redress schemes, passes to Powys County Council. The county town of Llandrindod Wells wasn’t, or indeed isn’t, a hotbed of estate agent malpractice but this function is moving there anyhow. Good luck to them I say! (As it happens, James Forsyth at The Spectator is less than convinced: Powys County Council reaches dizzy new heights. Other commentators have been referring to this move under the superb, but ultimately incorrect, pun of ‘Last Quango in Powys’)
- Consumer Code Approval Scheme: The Trading Standards Institute will now be looking after this scheme. So now you know!
See also http://etsos.co.uk/consumer-protection/
How Are You Affected By The Consumer Protection Regulations?
1st October 2014
In an effort to increase consumer protection within the property sector new regulations were implemented in 2008.
The following guide gives an overview of The Consumer Protection Regulations and their effect, for more about how ETSOS can help you to comply please see our range of compliance products here
Termed as The Consumer Protection from Unfair Trading Regulations 2008 (CPRs) and The Business Protection from Misleading Marketing Regulations 2008 (BPRs) they are a move away from “buyer beware” to put more responsibility on both the seller and selling agent not to engage in what is seen as unfair practice. The secondary aim is to extend the protection to all consumers in the process and to cover referred service choices such as conveyancing. If you are found to be breaching these new regulations you could face a fine or even up to 2 years in prison.
The OFT published guidance to help estate agents and others involved in property to understand their responsibilities under the Consumer and Business Protection Regulations.
If you do not provide consumers with information on their cancellation rights, their cancellation period can be extended by up to 12 months and 14 days, depending on when / if you provide the information.
Consumers have the right to withdraw from a prospective contract, or cancel a contract during the cancellation period, by informing you of their intentions. You can provide a cancellation form for this purpose although the consumer is not obliged to use it.