Mullucks Wells
News Item
Progress Towards HIPs Launch - 1st JUNE
Consumer protection for people buying and selling residential property in England and Wales receives a massive boost today.
The Secretary of State for Trade and Industry has approved the Ombudsman for Estate Agents’ application to run a redress scheme under the Housing Act 2004 in respect of Home Information Packs (HIPs).
From 1 June, all estate agents in England and Wales will be required to join the OEA scheme covering complaints about their conduct with regard to Home Information Packs and offering complainants redress, including the possibility of compensation of up to £25,000. should an estate agent be deemed to have breached relevant rules.
With 17 years’ experience in handling residential property disputes, the OEA already has around 70 per cent of estate agents in England and Wales, the countries covered by the HIPs Regulations, as members of its voluntary jurisdiction.
Under the Order under the Housing Act laid today, every estate agent in England and Wales will be required to join, with the OEA expecting that many will go on to apply for full membership rather than just complying with the minimum legal requirement.
“The OEA has proved to the DTI and the OFT that it is able to play a major role in Government-backed consumer redress arrangements. In terms of Alternative Dispute Resolution, it is important to focus one industry’s contribution to consumer protection and redress in one area. There is greater consistency for consumers and greater alignment in the standards that the industry has to work to,” said Mr. Christopher Hamer, who became Ombudsman in December last year.
“All agents in England and Wales will have to work to high professional standards when it comes to HIPs. If they go beyond this to join my scheme as full members they will then adopt the OFT-approved Code of Practice and be able to display to buyers and sellers that such standards cover their full range of business.”
More Archived News
Current News Releases
