As of 1st October 2014, all companies engaging in lettings and/or property management work are required to be a member of one of the three government approved property redress schemes. This has also been a requirement of agents engaging in property sales since 1st October 2008.
Prior to this legislation coming into force, all agents registering with us were required to join a redress scheme. We will continue to check the registration status of all new agents.
We currently accept members of the following four schemes:
- ARLA (Association of Residential Letting Agents)
- NALS (National Approved Letting Scheme)
- RICS (Royal Institute of Chartered Surveyors)
- TPO (The Property Ombudsman)
These schemes have been judged to have satisfactory complaints and redress procedures for our students, as well as robust written codes of practice, the requirement for members to hold professional indemnity insurance and demonstrate appropriate client money accounting procedures.
There are other schemes that we recognise, however at present do not accept for registration. We will continually review these schemes and add them when they meet our requirements.