New lettings code may be approved by OFT

Posted: 02 Aug 2011 10:59:48 GMT

Landlords may have to adhere to new regulations under the code.

A new lettings code may soon be introduced to the rental market, if it receives authorisation from the Office of Fair Trading (OFT).

The body's Consumer Codes Approval Scheme is applicable to The Property Ombudsman (TPO)'s Lettings Code initiative, which has just passed the first stage of assessment.

It aims to offer greater protection to tenants and landlords if they are dealing with letting agents and would offer better redress for any disagreements.

TPO now has to complete comprehensive monitoring procedures and pass stage two before it will be given the OFT Approved Code logo.

Cavendish Elithorn, senior director of the OFT's Goods and Consumer Group, comments: "The code reiterates the need for letting agents' terms to be transparent and fair."

It has taken a "great deal of work" to get to this stage and the two bodies will continue to work together, the representative adds.

TPO was established on May 1st 2009 and was formerly named the Ombudsman for Estate Agents.
 

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