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35/08 11 March 2008
The OFT is currently considering three applications for approval of estate agents redress schemes under the Consumers, Estate Agents and Redress Act 2007. During the process of considering the applications, the applicants have raised a number of issues in respect of the criteria published in October 2007, and the OFT agreed to give further consideration to those matters as a result of the representations made.
Having now considered these matters, the OFT considers that it is appropriate to modify the requirements of Criterion 9. The original requirement published in October 2007 said that an oral hearing must be available on request, and the amended criterion now requires the ombudsman to consider any request for an oral hearing and reach a decision by reference to various relevant factors.
Download a copy of the proposed amendment (pdf 50 kb).
The OFT intends to apply this modified requirement to the applications that have already been made. Given this modification to the original requirements, it has been considered appropriate to give a further short period for applicants to make further representations before individual applications are determined. The OFT will therefore consider such representations made before close of business on Thursday 10 April after which it intends to proceed to determine all outstanding applications as soon as possible.
NOTES
1. OFT originally received four applications for approval. However, IDRS Ltd has decided to withdraw its application.
2. The Consumers Estate Agents and Redress (CEAR) Act allows the Secretary of State by Order to require those engaged in estate agency work in respect of residential property to be members of an approved redress scheme. Under the CEAR Act the redress scheme(s) 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.
3. The CEAR Act is available on the UK Statute Law website.
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Kasia Reardon
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