Approval for OEA estate agent redress scheme

Approval has been granted for a new redress scheme outlined by the Ombudsman for Estate Agents Company (OEA).

The Office of Fair Trading (OFT) gave the green light to the programme, which will pave the way for regulators to order all residential Estate Agents to join an approved scheme.

According to the Secretary of State for Business Enterprise and Regulatory Reform, the order will become law on October 1st 2008.

From that point on, buyers and sellers will be able to refer complaints about landlords with property for sale in London and elsewhere to a specially-designated ombudsman.

"The OEA scheme has successfully met all the criteria applied by the OFT," commented John Fingleton, OFT chief executive. "House buyers and sellers will soon have access to a free, easily accessible and speedy Estate Agents redress scheme that will ensure independence, fairness and transparency.

He added: "We are also actively considering other applications to operate similar redress schemes."

Published 24th June, 2008

© 2008 Estates IT Limited

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Approval has been granted for a new redress scheme outlined by the Ombudsman for Estate Agents Company (OEA).

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