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ARMA responds to OFT proposals

13th January 2014|POSTED BY: Admin

Last month, the Office of Fair Trading (OFT) announced its intention to undertake a market study into residential property management.

ARMA welcomes the OFTs proposal. It provides the opportunity to examine the issues affecting the industry and achieve real improvement in the operation of the market for consumers.

ARMA considers the top priorities for action to improve the operation of the market are:

  • Awareness-raising and education: to help leaseholders to become better informed consumers
  • Transparency: landlords and leaseholders need to be properly and fully informed about how managing agent services are provided
  • Value for money: leaseholders should pay a reasonable amount for the services they receive.

ARMA believes that the key to achieving these is effective regulation; this is why ARMA is in the process of introducing its own self-regulatory regime called ARMA-Q.

ARMA-Q aims to raise standards and quality of leasehold management and will establish new safeguards for leaseholders. It includes commitment to a new Consumer Charter and professional Standards, which are specific to managing agents.

From 2015, all ARMA members will have to meet the ARMA-Q Standards and comply with the principles set out in the Charter. Membership is voluntary, so any agent signed up to ARMA-Q will be showing a clear commitment to offering the best possible service.

You can read ARMAs full response to the OFTs scoping paper here...