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ARMA-Q OPEN FOR ACCREDITATION

1st November 2013|POSTED BY: Admin

Managing agents can now apply for accreditation under ARMA-Q the landmark self-regulatory regime for the residential leasehold management sector.

The new regime, which has received cross-party support, has been developed by the industrys trade body ARMA and contains a number of measures specifically designed to protect leaseholders.

ARMA agents are now regulated by an independent panel led by former housing minister Keith Hill. Mr Hill is supported by nine lay members. It's the first time that managing agents have been subject to such regulation.

The full benefits of accreditation will come into effect from 2015 when ARMA members will have to comply with the ARMA-Q consumer charter and professional standards. These have been designed to promote honesty, fairness, transparency and timeliness in all areas of residential leasehold management.

Speaking at ARMAs annual conference in October, Keith Hill said: "The leasehold sector is on the cusp of transformation, and the best of the sector is willing it already through ARMA-Q. The change will be completed either through statutory regulation or through ministerial approval of the ARMA-Q standards. One spin-off of this change will be the greater professionalisation of the sector."

ARMAs chairman Ben Jordan also addressed the conference. He urged managing agents to come forward for ARMA-Q accreditation saying: The future shape of our industry is in your hands. Do the right thing. Amend your business practices if necessary. Come forward for accreditation and make ARMA-Q the success it deserves to be.

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