Estate Agents Redress Schemes

Latest news - 11 September 2008

The OFT has reminded residential estate agents that, from October, they must be members of an approved redress scheme. See press release. 

Background

The Secretary of State for Business Enterprise and Regulatory Reform made an Order under The Estate Agents Act 1979 (as amended by The Consumers, Estate Agents and Redress (CEAR) Act 2007) on 1 July 2008. This requires those engaging in estate agency work in respect of residential property to join an approved estate agents redress scheme by the time the Order comes into force on 1 October 2008. It is available on the UK Statute Law Database.

Details of the redress schemes which are currently approved by the OFT and available for estate agents to join are below. Estate agents wishing to join a scheme should use the application processes detailed on the schemes' websites (links to the websites are below).  

The OFT is able to approve a redress scheme if it considers the provisions of the scheme and its proposed operation are satisfactory.

Approved applications

• Ombudsman for Estate Agents (OEA)
  see press release
  see OEA website
  
  see summary of how the OEA demonstrated that it meets the OFT criteria for approval of an estate agents redress scheme.

• Surveyors Ombudsman Service (SOS)
  see press release
  see SOS website
  
  see summary of how the SOS demonstrated that it meets the OFT criteria for approval of an estate agents redress scheme.

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