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ARMA welcomes CMA proposals to improve the leasehold residential market

1st August 2014|POSTED BY: Admin

Friday 1 August 2014

ARMA welcomes CMA proposals to improve the leasehold residential market

Today’s proposals by the Competition and Markets Authority (CMA) to address problems in the workings of the residential leasehold property management market have been broadly welcomed by the industry’s trade body, ARMA.

Ben Jordan, ARMA’s Chairman, said:

“This is a welcome initiative by the CMA that could improve the situation for leaseholders and managing agents alike. They have captured the need for balance between regulation and consumer education and it’s particularly good to see that the industry’s efforts to raise professional standards through ARMA-Q have been recognised.

“Although ultimately we believe that statutory regulation is the key, we certainly support the CMA’s intentions and recognise the need to act to improve accountability and disclosure across the leasehold sector. We will be examining the proposals in detail and look forward to working with the RICS and other leasehold interests to achieve good outcomes for everyone.”

“In the meantime, we encourage leaseholders to seek out ARMA members, as property managers who have already committed to achieving high standards of service by signing up to our self-regulatory regime, ARMA-Q.”

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