RICS calls for better industry regulation

In 2013, RICS aims to bring about the introduction of greater regulation of agents for the benefits of both the consumers and business. They have wasted no time in starting their campaign to reform the lettings sector.

RICS has already hosted a cross-party and industry event in the House of Commons where politicians could hear from the sector to find out what change could mean for business and their constituents. They used information garnered from an independent research report to highlight the demand – from consumers – for better industry regulation.

 

The Commons meeting was chaired by Peter Bolton-King and attended by key industry bodies, Jack Dromey MP, Baroness Dianne Hayter,  Annette Brooke MP, and MPs from other parties. The meeting coincided with plans by Baroness Hayter to table an amendment to the Enterprise and Regulatory Reform Bill and as such she was keen to use the opportunity to gather support from the industry.

RICS states that it has serious concerns surrounding the original Clause 62, which would amend the Estate Agents Act (EEA) 1979 so that businesses, such as online sites – that act simply as ‘passive intermediaries’ offering a limited, low-risk service to buyers and sellers, whether or not they charge a fee – would be outside the scope of the EAA.

The issues of regulation and exuberant agency fees is starting to gain traction within political circles, in a recent speech Ed Miliband state that he beleieved there needed to be an “…end the confusing, inconsistent fees and charges in the private rented sector…”

Following the debate and ahead of the report stage, RICS states it will continue to lobby Mark Prisk and Baroness Hanham, DCLG Minister in the Lords to make further steps towards improved regulation.