The government has revised its guidance to agents over redress schemes - amending it to take account of the fact that from today Ombudsman Services: Property is now longer operating as an approved redress service.
The new guidance, which updates a previous 2014 document on the subject, comes from the Ministry of Housing, Communities and Local Government and reminds the industry that the remaining approved redress schemes are The Property Ombudsman and The Property Redress Scheme.
It reiterates existing guidance that failure of an agency to belong to an approved redress scheme means it is liable to a fine of up to £5,000 or a fine of £1,000 and the potential for a formal warning or prohibition order, and the possible revocation of a licence under the Rent Smart Wales scheme.
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