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142/07 12 October 2007
The OFT has today published a response to its consultation document on the criteria for approval of estate agents redress schemes.
Download the OFT's response to the consultation (pdf 204 kb).
The Consumers, Estate Agents and Redress Act 2007 (CEAR) requires those engaged in estate agency work to be members of an approved estate agents redress scheme. Under the CEAR these redress schemes will need to be approved by the OFT. The OFT is working with the Department for Business, Enterprise and Regulatory Reform towards the implementation of this measure.
Operators seeking approval of their estate agents redress schemes are now able to submit an application to the OFT. For more information as well as details on the application procedure, see the estate agency section on this website.
NOTES
1. In May 2007 the OFT consulted on the draft of the criteria which estate agents redress schemes would need to meet in order to be approved for the purposes of the Act.
2. The CEAR Act is available on the UK Statute Law website.
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