Agents need to switch from Ombudsman Services: Property before 6th August

Ombudsman Services: Property members have until 6^th August to switch to another redress scheme, and regulators will penalise those who do not.

 

After this date, Ombudsman Services: Property will no longer be providing redress in the property sector leaving consumers, whose agents fail to switch, without access to free alternative dispute resolution.

 

Agents who do not make the move will be trading illegally and after the Property Redress Scheme saw a huge rise in complaint notifications in its last Annual Report, the need for quick complaint resolution is as important as ever.

 

Head of Redress at the Property Redress Scheme, Sean Hooker said: “The withdrawal of OS:P may be an inconvenience for their members and risk them falling foul of the law; however, they can stay compliant immediately by registering with the PRS.

 

“The process is quick and simple. Once they have joined, they will enjoy a first-class service and have access to helpful information and advice to help you manage complaints.”

 

After 6^th August, the Ombudsman Services will provide industry regulator NTSEAT with a list of agents who have not switched to one of the other redress schemes - these agents will be targeted for enforcement action.

 

The National Trading Standards Estate Agency Team (NTSEAT) have advised agents not to leave moving to their chosen redress scheme until the last minute.

 

The Property Redress Scheme provides two membership models for agents who need to switch, the enhanced and the entry model, and acts in accordance with the industry code of conducts rather than having their own.

 

The Enhanced Model, Annual Membership:

 

• £199 (plus VAT) per application (Head Office/Person) + £199 (plus VAT) per extra branch if applicable
• No individual complaint fees
• Access to 24/7 legal helpline

 

The Entry Model, Annual Membership:

 

• £105 (plus VAT) per application (Head Office/Person) + £105 (plus VAT) per extra branch if applicable
• Complaint fees: £100 (plus VAT)

 

You can join online here.