Click a link
to find out why we are the complete solution for property professionals
£22.5k fine for estate agent…
31st August 2018
A recent news story highlights the risks posed by the Consumer Protection from Unfair Trading Regulations, otherwise known as CPRs.
Enacted in 2014, CPRs replaced the Properties Misdescriptions Act (PMAs).
The PMAs required agents to be truthful about the property but placed the onus on buyers to ask relevant questions in order to uncover anything untoward.
Agents and vendors were protected under a clause known as caveat emptor, or buyer beware
CPRs turns the position on its head prohibits what it describes as unfair commercial practices; an action or omission, whether deliberate or not, that misleads a customer into making a decision that they may otherwise not have made.
In this case, the estate agent in question falsely claimed to have sold property that was not for sale; claimed to have sold home still on the market; and placed For Sale boards outside another home that was not for sale in order to boost his profile.
He admitted four charges of false and misleading advertising under CPR legislation. He has been fined £12,500 which is to be paid in full in the next year or else he will be sent to prison for a year. He must also pay £10,000 towards court costs.
This and other recent cases in the press, including decisions handed down by the Advertising Standards Authority on the accuracy of claims regarding the savings to be had when using online agents vs high street agents, have brought CPRs into the limelight.
When it comes to advertising agents must ensure their adverts are factually accurate and do not mislead prospective customers.
When it comes to listings estate agents and their vendors/landlords must take a more proactive approach and provide information up front which could affect any decision to buy or rent.
The objective is to ensure that customers are treated fairly.
Compliance in a Box from Landmark is the simple pay-as-you-go compliance toolkit.
Make sure you are asking the right questions of your clients, and documenting their response. Compliance Packs help agents fulfil their obligations under CPRs and AML. From one account source:
- Electronic property information questionnaire & fixtures & fittings form for CPRs
- Electronic client verification for AML inc PEPs, Sanctions & Checks
- Land Registry ownership & boundary confirmation
- Foreign national checks… and more
with a complete time and date stamped audit trail of all compliance activity. Sign up below or contact Samantha Peacock on 01524 220013 / sam.peacock@landmark.co.uk for your no obligation trial.
The client and experts view...
Latest news
System Maintenance
Please be aware that we are performing some system maintenance this weekend. We don’t anticipate that this will result in any downtime of our services, but we apologise if it does cause any inconvenience
Government Confirms New Regulations and Qualifications for Estate Agents Will Happen
The government has accepted the proposals of the Regulation of Property Agents (RoPA) with wide-spread consequences for estate and letting agents.
The proposals reach right into the heart of the industry to affect regulation, training and licensing.
(more…)
Fears of Tougher Regulations and Unjust Costs Mount Ahead of Government Announcement
Estate Agents are waiting for the big reveal on Monday after Lord Best has admitted some firms could close when the regulation of property agents (ROPA) makes its recommendations to the Government early next week.
Lord Best, the chair of ROPA, has already outlined the working group’s desire for more regulation.
[NEWSFLASH] Agent Charged DOUBLE Over AML Registration Mistake
Property Industry Eye (PIE) has highlighted the case of an estate agent who has fallen foul of HMRC and been charged double.
On 4th April, with plenty of time to spare, Hayman-Joyce renewed their annual HMRC registration. They paid the fee and thought they’d ticked all the boxes.
Compliance in a Box: The Natural Remedy for Your AML Headache
Estate agents around the country are realising that the new 5th AML Directive goes deep. There’s a lot of work involved in becoming compliant. And the penalties for non-compliance, either deliberately or through confusion, are severe. (more…)
Click the Apply button opposite to use our software on a trial basis...
- What now for the agency industry as Boris Johnson takes over? https://t.co/KUJc0V2EEn
- Fears of Tougher Regulations and Unjust Costs Mount Ahead of Government Announcement https://t.co/N8VDGWNuC2 https://t.co/giZNcR88pH
- We're always talking to agents about reducing RISK with KYC (Know Your Customer) Due Diligence...but what about con… https://t.co/ePdHELsgKp
- Want to make sure you're ticking all the right boxes for your AML compliance? Click the link below and for our *FRE… https://t.co/3bjcIPFf2y
- Estate Agents, Compliance and the Beautiful Game https://t.co/1QwL5YQMit https://t.co/xawZnlv38L
- What now for the agency industry as Boris Johnson takes over? https://t.co/OUBAikhCTw
- More change on the horizon for agents! Seems to be a real split of opinions on this one. #estateagents… https://t.co/RhWLtkEbJQ
- We're always talking to agents about reducing RISK with KYC (Know Your Customer) Due Diligence...but what about con… https://t.co/CdzfWVEpXy
- Want to make sure you're ticking all the right boxes for your AML compliance? Click the link below for our *FREE* 1… https://t.co/j5SnrJMFcS
- MI5 spies 'at breaking point' as they face threats https://t.co/SBGS2Wsi2k via @MailOnline. Security Minister Ben W… https://t.co/WwEKnKIpN5
