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Posts Tagged: Redress Scheme

Redress Scheme - How does it affect me?

Posted by on October 1st 2014 in Financial, General News, Insurance

The government have recently announced they will be introducing strict regulations of the, as of yet, unregulated letting market which will make it compulsory for letting agents to sign up to an independent redress scheme.

From the 1st October 2014, letting agents will face very heavy fines of up to £5,000 if they cannot prove they are signed up to one of the three independent redress schemes with either the Property Ombudsman, the Ombudsman Service: Property or the Property Redress Scheme. It will also require for a letting agent to take out professional indemnity cover and to continue with this cover...