Thousands of new agents sign up to TPO’s Lettings Code of Practice following mandatory redress legislation
The Property Ombudsman scheme (TPO) has reported a 14% increase in lettings membership since the government made it a legal requirement for all lettings agents and property managers in England to belong to a Government approved redress scheme.
The scheme’s membership figures reveal an additional 1,635 lettings branches have joined the scheme since the new legislation came into force on 1 October 2014.
As the UK’s largest government-approved property redress scheme, which represents 85% of lettings agents, TPO confirmed that 13,624 offices are now signed up and following its independently accredited Lettings Code of Practice, which requires every member agent to operate to the highest industry standards.
Announcing the news, Gerry Fitzjohn, TPO’s Chairman, said: “The record number of lettings agents that have joined TPO since the legislation came into place is fantastic news for the industry and consumers. With so many agents already signed up for redress before the legislation was enforced, there was a widespread feeling in the industry that only a marginal number of firms were yet to sign up but our latest membership figures are a testament to the impact this legislation has made.
“Thousands of landlords and tenants across the country are benefiting from this legislation, which will in turn enable us to help more consumers if a dispute arises with a member firm.”
TPO now has over 34,469 branches signed up and following one of the schemes property Codes of Practice.
The Consumer Codes Approval scheme, which is operated by CTSI, has approved both TPO’s Sales and Lettings Codes. The Codes’ independent accreditation means every agent registered with TPO is required to provide additional consumer protection that goes beyond that required by law.
The Codes also provide industry best practice and offer members complete transparency in terms of how the latest property and consumers laws are applied by the Ombudsman to independently review complaints.